September 9, 2004
E-mail from Countrywide Financial chairman of the board and chief executive officer Angelo Mozilo to Stan Kurland and Keith McLaughlin, subject: Subprime Residuals.
Angelo R. Mozilo was Countrywide Financial'S chairman of the board and CEO until July 1, 2008. Portfoio magazine placed Mozillo at number two in its list of "Portfolio's Worst American CEOs of All Time," between number 1, Dick Fuld of Lehman Brothers and number 3, Ken Lay of Enron. According to the Wall Street Journal Mozilo's received total compensation, including salary, bonuses, options and restricted stock, of $470 million between 2001 and 2006. On June 4, 2009, the SEC charged Mozilo with insider trading and securities fraud. Mozilo was accused of selling millions of dollars in stock he personally owned. Mozilo settled with the SEC, accepting a fine of $67.5 million. Mozilo’s financial penalty was the largest ever paid by a public company's senior executive in an SEC settlement.
Stanford L. Kurland, was Countrywide’s president before leaving the company in 2006. In 2008 he became the founder, chairman and chief executive officer of PennyMac. PennyMac buys delinquent home mortgages that the government took over from other failed banks. Under the initial terms of the FDIC, PennyMac is entitled to keep 20 cents on every dollar it can collect, with the government receiving the rest. Eventually PennyMac ‘s cut will rise to 40 cents.
Thomas K. "Keith" McLaughlin, who had served as Countrywide's CFO from 2001 to 2005, when he left the company to "focus on personal interests." McLaughlin announced in March 2010, that he would run for election to become treasurer of Ventura County, California. In the election held on June 8th, 2010, McLaughlin came in fifth in the vote count.