Countrywide Sets Retention Incentive Bonuses For Top Execs.

Regulatory filings show that Countrywide Financial Corp. has sweetened annual bonus awards for a handful of its top executives as an incentive for them to remain with the mortgage lender.

That's because Countrywide is being acquired by North Carolina-based Bank of America Corp.

Countrywide's compensation committee has approved retention awards of cash and cash-settled restricted stock units for four executives. That's according to filings with the Securities and Exchange Commission.

California-based Countrywide agreed last week to be acquired by Bank of America for $4.1 billion in stock.

In recent years Countrywide rose to become the nation's largest mortgage lender. But it's been struggling since last year amid rising mortgage defaults, particularly subprime loans to borrowers with questionable credit histories.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
WITN

275 E. Arlington Blvd. Greenville, NC 27858 252-439-7777
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 13890832 - witn.com/a?a=13890832
Gray Television, Inc.