CALABASAS, Calif., July 2 /PRNewswire-FirstCall/ -- Angelo Mozilo,
chairman, CEO and president of Countrywide Financial Corporation (NYSE: CFC),
expressed sorrow at the death of the company's co-founder and longtime
chairman and president David S. Loeb. A pioneer and dominant figure in the
mortgage industry for more than a half century, Loeb died Monday at his home
in Sparks, NV. He was 79.
"Along with the entire Countrywide family, I am deeply saddened that my
friend and business partner of 43 years, David Loeb, has passed away," Mozilo
said. "David was a leader of our industry and co-founder of our company."
Mozilo met Loeb in 1960 while working for United Mortgagee Servicing
Corporation. United purchased Lomas Realty Securities, a firm founded by Loeb
in 1950. Loeb took a liking to the young Mozilo, and when United was taken
over in 1968, the entrepreneurial pair left the company and embarked on
forming their own mortgage bank. They boldly called it Countrywide, then made
the name fit by building their small firm into one of the largest mortgage
banks in the nation and eventually a powerful provider of diversified
"I was 21 years old when I first met David in 1960 when our two companies
merged," Mozilo recalled fondly. "We worked together for more than four
decades, including 30 years as co-founders and leaders of Countrywide, and I
have always deeply respected David as a business partner, mentor and friend."
With Mozilo presenting the public face of Countrywide and a very private
Loeb working in the background carrying out innovative secondary market and
hedging strategies that would help to place Countrywide at the industry
forefront, the company grew from an office in Los Angeles to an S&P 500
company with more than 500 branch offices of Countrywide Home Loans, Inc.,
nationwide. Today, Countrywide Financial also is active in banking, insurance,
capital markets, loan closing services and global mortgage activities.
"We envisioned building the first truly national mortgage banking company
when we came together in 1968 to form Countrywide," Mozilo continued. "The
name Countrywide evolved from an ambitious vision to an indisputable reality,
in no small part due to David's wisdom, skill and leadership. He was a tough
and brilliant business strategist who put Countrywide years ahead of the
industry with pioneering hedging strategies, including our successful macro-
hedge capability that continues to grow and serve the company and its
In 1985, Loeb and Mozilo co-founded another company, a publicly-traded
real estate investment trust called Countrywide Mortgage Investment, which has
grown into IndyMac Bancorp, Inc., a bank holding company and top 25 mortgage
Loeb was also active in real estate development through Wingfield Nevada
Group/Loeb Enterprises, LLC, which develops master planned communities.
Loeb served as a navigator in the Merchant Marines during World War II,
following his graduation from the Maine Marine Academy with a bachelor's
degree in nautical science in 1943. He served as a trustee of the academy and
was a benefactor of its Loeb-Sullivan School of International Business and
Logistics. He was granted an honorary doctorate by the academy last year.
After World War II, Loeb focused on what would become his life's work. In
1946, he became a sales representative for a mortgage banker, and first went
out on his own with the founding of Lomas in 1950. At the same time, he was
working on a second degree, earning his bachelor's degree in accounting from
New York University in 1951. Loeb later served on the board of overseers of
NYU's Stern School of Business.
"His vision, knowledge, counsel and partnership were manifest in my own
life and professional success, as well as the birth, growth and fantastic
success of Countrywide," Mozilo said. "He will be greatly missed by all of
those he has touched along the way.
"I wish to express condolences from all of us at countrywide to his wife
Heidi, his three daughters and six grandchildren."
Memorial services for Loeb will be held on Sunday, July 13, at 11:30 a.m.
at the Events Center at Red Hawk; 6595 Wingfield Springs Rd.; Sparks, NV.
In lieu of flowers, donations may be made to the Neuropathy Association;
60 E. 42nd St., Suite 942; New York, NY, 10165.
SOURCE Countrywide Financial Corporation