From the New York Times:

As the nation’s largest mortgage lender, Countrywide helped fuel the housing boom by offering loans to high-risk borrowers.

Yah, and they helped fuel the mess we’re in right now because of their bogus lending practices. Geezzz….the NYT make it sound like they did a GOOD thing.

Where else but George Bush’s America could you be a rogue lender, fuck up the country by bogus lending practices and walk away from the deal with $482 million?

Mr. Mozilo is expected to remain as chief executive of Countrywide until the deal closes, probably in the third quarter, people briefed on the transaction said. After that, he would serve on a transition team and would remain with the combined company on an interim basis.

He could be entitled to an exit package of roughly $72 million. That would be on top of the $410 million in pay, including $285 million in option gains, that Mr. Mozilo has taken home since he became Countrywide’s chief executive in 1999.