Big Payday Awaits Chairman After Countrywide Sale
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Angelo R. Mozilo has pocketed $410 million in salary, bonuses and stock-option gains since he became executive chairman of mortgage lender Countrywide Financial in 1999, according to Equilar Inc. executive compensation experts.
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US mortgage giant Countrywide Financial sees more than $1bn in quarterly losses - but improved forecasts send shares surging.
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Countrywide Financial Corp, the largest U.S. mortgage lender, plans to cut 10,000 to 12,000 jobs to cope with weakened housing demand, rising foreclosures, and tightening credit markets.
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Countrywide Financial Corp. , the largest U.S. mortgage lender, on Monday said it has minimal exposure to nonprime mortgages, but may still experience fluctuating earnings in the near term due to turmoil in the U.S. subprime market.
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WASHINGTON - Countrywide Financial Corp. , the biggest US mortgage lender, fell for the fourth straight day in New York trading after regulators began an informal investigation of stock sales by chief executive Angelo Mozilo.
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The buyout firm Apollo Management said it might offer nearly $2 billion in cash and stock for Countrywide, the largest chain of real estate brokers in Britain. Apollo said it planned to offer 505 pence ($9.86) in cash for each Countrywide share, plus shares in Rightmove, a company in which Countrywide holds a stake. The offer values Countrywide shares at about 590 pence ($11.52) each, or a total of about Â£1 billion ($1.95 billion). Countrywide shareholders have rejected a Â£1.02 billion takeover bid from the 3i Group, a private equity firm.
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Countrywide's third-quarter earnings had investors celebrating, but what's the bigger picture?
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Bank of America Corp  is in  advanced talks to buy struggling Countrywide Financial Corp  , the largest U.S. mortgage lender, several people  familiar with the matter said on Thursday.
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Similar deals are expected to follow Bank of America Corp's  agreement on Friday to acquire battered mortgage lender Countrywide Financial Corp  for a knock-down price of $4 billion in stock.
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Bank of America will pay in stock for Countrywide Financial, the lender that became a symbol of the excesses that led to the subprime mortgage crisis.
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Kenneth D. Lewis has gambled on bold acquisitions, but  few of his bets match a deal to buy Countrywide Financial Corporation.
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Countrywide Financial Corp Chief Executive Angelo Mozilo said on Thursday the U.S. housing downturn is likely to lead the country into recession, but that the largest U.S. mortgage lender will survive.
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Kenneth D. Lewis has gambled on bold acquisitions, but few of his bets match a deal to buy Countrywide Financial Corporation.
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Countrywide Financial, the nation's largest home loan lender, reported yesterday that foreclosures and late payments on mortgages in December soared to their highest levels in five years.
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Countrywide Financial Corp , whose shares have tumbled amid worries about the largest U.S. mortgage lender's survival prospects, on Wednesday said it made more loans than it expected in the fourth quarter, though homeowner foreclosures and delinquencies rose.
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LOS ANGELES - A former executive at mortgage lender Countrywide Financial Corp. was charged yesterday with insider trading after he sold stock before the company disclosed negative earning results three years ago, regulators said.
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LOS ANGELES -- Countrywide Financial Corp., the nation's largest mortgage lender, said Tuesday it swung to a loss in the fourth quarter due to rising loss provisions and impairment charges as more borrowers fell behind on mortgage payments. The earnings fell well short of Wall Street estimates.