Countrywide loses $893 million in 1Q on rising loss reserve - LOS ANGELES (AP) — Countrywide Financial Corp. said Tuesday it lost $893 million in the first quarter, as rising loan defaults amid a deepening housing downturn forced the nation's largest mortgage lender and servicer to sharply increase its provision for loan losses and book other credit-related charges.
Meanwhile, Mozilo, who co-founded Countrywide in 1969, was paid more than $22.1 million and cashed out $121.5 million in stock options last year.
From Nonoxyl