When diving into the world of finance and the people who have shaped it, Angelo Mozilo net worth stands as an intriguing subject. As the former CEO of Countrywide Financial, his earnings and influence made a substantial impact on the mortgage industry, especially during his time leading the company. With a career marked by significant financial success, Mozilo earned hundreds of millions in salary and stock options.
In this article, we’ll break down his earnings as CEO and how his leadership shaped his financial growth. Let’s explore how Angelo Mozilo managed to build his fortune and the key milestones in his journey.
Angelo Mozilo Quick Facts
| FACT | DETAIL |
|---|---|
| Real Name | Angelo Robert Mozilo |
| Popular Name | Angelo Mozilo |
| Gender | Male |
| Birth Date | December 16, 1938 |
| Age | 84 (at death in 2023) |
| Parents | N/A |
| Siblings | N/A |
| Birthplace | The Bronx, New York |
| Nationality | American |
| Ethnicity | Italian-American |
| Education | Fordham University (Economics) |
| Marital Status | Widowed |
| Spouse | Phyllis Ardese (died in 2017) |
| Children | 5 |
| Dating | N/A |
| Net Worth | $600 million |
| Source of Wealth | Countrywide Financial, Stock Sales |
| Height | N/A |
What is the Net Worth Of Angelo Mozilo in 2024?
As of 2024, Angelo Mozilo net worth remains estimated at around $600 million. This figure reflects the substantial wealth he accumulated during his tenure as CEO of Countrywide Financial, where he earned millions through salary, bonuses, and stock sales. Comparatively, his financial standing places him among the more prominent figures in the finance and mortgage industry. Below is a list of individuals and entities related to Angelo Mozilo within similar industries:
- Bank of America
- David Loeb
- Henry Cisneros
- Fannie Mae
- Freddie Mac
- IndyMac Bank
- U.S. Securities and Exchange Commission
For those interested in learning more about other highly successful figures in business, check out our page on the top-earning CEOs in the world here.
Finance Overview
How He Built His Fortune Through Countrywide Financial
Angelo Mozilo‘s wealth was largely tied to the success of Countrywide Financial, which he co-founded in 1969 with David Loeb. Countrywide started as a small mortgage lending company but quickly grew into a national leader in the non-bank mortgage industry. Under his leadership, the company expanded its influence, and its stock began trading publicly on the NYSE in 1984. Mozilo played a crucial role in shaping the mortgage lending landscape, with Countrywide becoming a major player in providing home loans.
His Salary and Earnings as CEO of Countrywide Financial
During his time as CEO, Mozilo’s earnings were substantial. He benefited from a robust compensation package that included not only a base salary but also significant bonuses and stock options. Over the years, he sold hundreds of millions of dollars’ worth of stock, which greatly contributed to his personal wealth. In the 12 months leading up to August 2007, Mozilo reportedly earned $129 million. This immense compensation made him one of the top-earning CEOs during his time at Countrywide.
The Role of Subprime Lending in Boosting His Wealth
Although Countrywide initially refrained from entering the subprime mortgage market, competition forced the company to adjust its strategy. By the early 2000s, Countrywide began offering subprime loans, which helped the company maintain market share but also contributed to the eventual financial crisis of 2008. While Mozilo’s decision to shift into subprime lending significantly increased the company’s revenue, it also led to controversy and accusations of unethical business practices.
Major Awards and Recognitions He Received
Throughout his career, Mozilo earned numerous prestigious awards, which acknowledged his influence and contributions to the financial industry. Some of the most notable honors include the Horatio Alger Association of Distinguished Americans Award, the Ellis Island Medal of Honor, and the American Banker Lifetime Achievement Award. These accolades reflect his early efforts to expand homeownership and innovation in mortgage lending.
Legal Challenges and Their Impact on His Finances
In 2009, Mozilo faced serious legal challenges related to insider trading and securities fraud. The U.S. Securities and Exchange Commission charged him with improper stock sales, leading to a settlement of $67.5 million. This case had a significant impact on Mozilo’s financial reputation, as it came during a time when the public was critical of the role Countrywide played in the 2008 housing crisis. Despite these legal troubles, Mozilo avoided admitting wrongdoing and continued to retain a large portion of his wealth.
The Acquisition of Countrywide Financial by Bank of America
In 2008, Bank of America acquired Countrywide Financial for $4.1 billion. This acquisition was a major event in the financial world, as Countrywide had been at the forefront of the mortgage industry. For Mozilo, the sale added another boost to his financial standing, as he had been a significant shareholder. However, the acquisition also marked the beginning of years of legal battles for Bank of America, as it absorbed the liabilities related to Countrywide’s subprime loans.
How the 2008 Financial Crisis Affected His Legacy
The 2008 financial crisis cast a shadow over Mozilo’s legacy. Despite his early successes, many now associate him with the practices that led to the mortgage meltdown. He has been criticized for his role in pushing risky loans to high-risk borrowers, contributing to the collapse of the housing market. Mozilo has defended his decisions, claiming the crisis was due to broader financial factors beyond his control.
FAQs About Angelo Mozilo
What company did he co-found?
He co-founded Countrywide Financial with David Loeb in 1969.
What legal challenges did he face?
He was charged with insider trading and securities fraud by the U.S. Securities and Exchange Commission, leading to a $67.5 million settlement.
How did subprime lending affect his wealth?
The decision to offer subprime loans helped Countrywide increase market share but also contributed to the company’s downfall and Mozilo’s legal troubles.
What was his role in the 2008 financial crisis?
He was heavily involved due to Countrywide’s participation in subprime lending, which contributed significantly to the collapse of the housing market.
What awards did he receive during his career?
He received the Horatio Alger Association of Distinguished Americans Award, Ellis Island Medal of Honor, and American Banker Lifetime Achievement Award.
Conclusion
I hope this exploration of Angelo Mozilo’s net worth and financial journey has provided valuable insights. Feel free to leave comments, share, or explore more content on worldofceos.com.
