Four of Countrywide Financial Corp.'s top executives -- except company chairman and chief executive Angelo Mozilo -- are entitled to millions of dollars in retention grants as part of the lender's sale to Bank of America. According to a new filing with the Securities and Exchange Commission, Ranjit Kripalani, Countrywide's managing director of capital markets, is entitled to the most ($2.5 million), followed by president/chief operating officer David Sambol ($1.9 million), chief financial officer Eric Sieracki ($1.5 million), and banking chief Carlos Garcia ($1.45 million). Mr. Mozilo is expected to leave the company once BoA takes over, or even sooner. Mr. Sambol, who currently serves as president, is considered Mr. Mozilo's successor. The board, chaired by Mr. Mozilo, approved the retention grants.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
6h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
6h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
7h ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
9h ago -
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25