Countrywide Financial Corporation Chairman and Chief Executive Officer Angelo R. Mozilo announced on Monday that he would voluntarily give up his rightfully deserved 37.5 million dollars in cash severance payments, post-closing consulting fees and continued perquisites from the merger of the company and the Bank of America, due to criticism aimed at him for the role that he allegedly had in the US mortgage crisis.

Mozilo decided to renounce any type of cash payments in the merger besides the ones that he has already earned, while he is believed to be one of the best paid US executives, as he earned some 387 million from pay and stock option gains from 2002 to 2006, the US regulatory filings have reported.

However, the company declared that he would still remain one of the most substantial stockholders and an employee of Countrywide and that he would be treated as equal to any other shareholder during the merger.

"My primary focus today -- as it has been for the past 40 years -- is to do what is in the best interests of Countrywide's employees, customers and shareholders," Mr. Mozilo said.

"I believe this decision is the right thing to do as Countrywide works toward the successful completion of the merger with Bank of America."

Countrywide Financial has been struggling to deal with huge losses and defaults, a loss of access to credit markets and a slew of lawsuits and Mozilo was blamed publicly by even Hilary Clinton.