Mortgage Daily Logo
mortgage news from industry experts

Countrywide Co-founder Dies at 79

Countrywide Co-founder Dies at 79

David S. Loeb also founded IndyMac Bank

July 3, 2003


David S. Loeb, who cofounded two major mortgage-industry lenders, died Wednesday, according to a statement released by IndyMac Bank, where he had recently retired as chairman. The company said he died in his Sparks, Nevada home and was 79.

Loeb was honored in a statement by Countrywide Financial Corporation’s chairman, chief executive officer, and president Angelo Mozilo.

“I was 21 years old when I first met David in 1960 when our two companies merged,” Mozilo recalled fondly in the statement. “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.”

According to the Countrywide statement, Mozilo worked on the frontlines of Countrywide, based in Calabasas, California, while Loeb strategized with “innovative secondary market and hedging strategies.”

“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 shareholders,” Mozilo said in the statement.

In 1985, the two started Countrywide Mortgage Investments, Inc., which eventually became known as IndyMac Bank, according to a statement from IndyMac. The company’s thrift subsidiary is now, based on asset size, the 15th largest in the nation, according to the statement.

Michael W. Perry, IndyMac’s current chairman and chief executive officer, said of Loeb in a company statement, “his wisdom and industry experience, coupled with his strategic vision, strongly influenced IndyMac’s foundation and helped us become what we are today. He was also a great mentor and friend and we will miss him.”

Countrywide’s statement noted that Loeb served in the Merchant Marines during World War II and became a sales representative for a mortgage broker in 1946.

He is survived by his wife, three daughters, a stepson, and six grandchildren, according to IndyMac. Services are scheduled for July 13 in Nevada, the statement said.

Anne Lineberry is‘s editor. She previously worked as an online editor/producer for and on the Metropolitan desk for the print edition of The Dallas Morning News. Email Anne at

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts