Countrywide CEO - Selling shares and pitching bigger subsidies

admin — Fri, 07 Dec 2007 17:53:27 +0000

You can’t make this stuff up.

Countrywide Financial Corp Chief Executive Angelo Mozilo sold some of his shares in the No. 1 U.S. mortgage lender to handle matters relating to his estate and retirement, former Countrywide board member Henry Cisneros said on Fox Business Network on Wednesday…

Mozilo has realized more than $100 million of gains in the last year since he began selling shares on a regular basis last October, just as the U.S. housing market was cresting. He later accelerated the pace of those sales twice.

Meanwhile…

Countrywide Financial Corp’s chief executive called on the U.S. Congress to temporarily raise the maximum size of mortgages that Fannie Mae, Freddie Mac and the Federal Housing Administration may buy or insure by 50 percent to $625,000…

Any increase in the cap should benefit Countrywide, which now primarily makes home loans that Fannie Mae and Freddie Mac can buy.

Admittedly, the stock needs help.

UPDATE: Adding insult to injury, the company is still promoting low-money-down loans. What the heck - someone else takes the heat anyway.

Tagged: Angelo Mozilo, Countrywide, Fannie Mae, FHA, Freddie Mac

Original post by Michael Gracie

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Countrywide CEO - Selling shares and pitching bigger subsidies

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