Mortgage Pioneer David Loeb Dies
David S. Loeb, the co-founder and former chairman of Countrywide Credit Industries Inc. (now Countrywide Financial Corp.) died on June 30 at his home here. He was 79.
Mr. Loeb, along with Angelo Mozilo, co-founded the Calabasas, Calif.-based mortgage banking powerhouse in 1969. From March of that year until February of 2000, Mr. Loeb was chairman and president of Countrywide.
In 1985, Mr. Loeb and Mr. Mozilo formed a second company, Countrywide Mortgage Investments Inc., a real estate investment trust. That company is now a thrift holding company called IndyMac Bancorp Inc., based in Pasadena, Calif.
Mr. Loeb served as IndyMac's chairman until his retirement from the post in February of this year due to health reasons.
A statement from Mr. Mozilo said, "I was 21 years old when I first met David in 1960 when our two companies merged. We worked together for more than four decades, including 30 years as co-founders and leaders of Countrywide, and I have always deeply respected David as a business partner, mentor and friend.
"He was a tough and brilliant business strategist who put Countrywide years ahead of the industry with pioneering hedging strategies, including our successful macro-hedge capability that continues to grow and serve the company and its shareholders.
"His vision, knowledge, counsel and partnership were manifest in my own life and professional success, as well as the birth, growth and fantastic success of Countrywide. He will be greatly missed by all of those he has touched along the way."
Michael W. Perry, IndyMac's chairman and chief executive, said in a statement issued by the company, "David was a giant in the mortgage industry. His wisdom and industry experience, coupled with his strategic vision, strongly influenced IndyMac's foundation and helped us become what we are today.
"He was also a great mentor and friend and we will miss him."
Mr. Loeb is survived by his wife, Ingrid Heidi Loeb; three daughters, Tracey Loeb, Heidi Loeb and Wendy Lumsden; a stepson, Nicholas Casini; and six grandchildren.
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