Wall Street Journal Finally Comes Around to Insider Selling at Countrywide

Finally! This is from Scott Patterson from Wall Street Journal Online today.

Some Countrywide Insiders, CEO Sell Stock as Shares Fall
Since hitting its highest closing level in early February, shares of Countrywide Financial, the largest U.S. mortgage lender, have dropped 24%.
The Calabasas, Calif., company isn't overly exposed to troubled subprime mortgages, which make up 7% of its loan originations. It has played aggressively in other exotic mortgages, like option adjustable-rate mortgages, which give borrowers a variety of payment choices and interest rates that reset. At year-end 2006, Countrywide had about $33 billion in option ARMs on its books, about 42% of its overall loan portfolio, according to Standard & Poor's.
Corporate insiders seem to have gotten jittery about something.
Total insider sales at Countrywide for the first quarter are $90.1 million so far, the highest amount of quarterly selling during the past five years, according to Thomson Financial.
Since Feb. 5, as the stock has fallen, Chief Executive Angelo Mozilo has sold 882,000 shares of the company for a total of $34.8 million. Mr. Mozilo owned 11.5 million shares and exercisable stock options of Countrywide in all as of April 5, 2006, according to regulatory filings.
While it's normal to see large insider sales when a stock is on the rise, sales during declines are more unusual and potentially worrisome. A company spokeswoman declined to comment.
--Scott Patterson
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