BofA's CEO to get $10 million
Last year may been tough for the thousands of North Carolina families fighting to keep their homes, but it turned out decently for Charlotte-based Bank of America CEO Brian Moynihan.
Moynihan, who finished up his first year at the helm of the Charlotte-based bank, will get $10 million in compensation for 2010, $950,000 of that in salary and $9.05 million in deferred stock options, according to multiple news reports about the company’s SEC filings. He’ll have to meet specific targets to get the compensation.
Pretty good, considering that Bank of America posted $2.2 billion in losses last year, largely because of ongoing issues stemming from the foreclosure crisis. The bank is the biggest mortgage servicer in the country, handling the mortgages for one out of every five homes.
Here’s what Huffington Post had to say earlier this month about the bank’s problems:
Most of the Charlotte, N.C. bank’s problems stem from its 2008 purchase of Countrywide Financial, the country’s largest mortgage company at the time. The deep slump in the real estate market has hampered all its competitors, but Bank of America has been at the center of almost every controversy involving bad home loans.
It paid $2.8 billion last month to the government-owned mortgage companies Fannie Mae and Freddie Mac to settle claims the bank sold them defective mortgages. In the fourth quarter, it kept aside $4.1 billion for more bad home loans that it could be forced to buy back from the two government agencies and other investors. It also set aside another $1.5 billion for litigation expenses related to bad mortgages.
That’s a lot of numbers and figures to throw out there, but here’s a final not-so-fun fact to end with.
Charlotte’s Mecklenburg County has been the hardest hit area in the state when it comes to foreclosures, with nearly 20 percent of last year’s foreclosures happening right in BofA’s home county, according to state courts data.