Mortgage Daily

Published On: July 3, 2003
Countrywide Co-founder Dies at 79

David S. Loeb also founded IndyMac Bank

July 3, 2003

By ANNE LINEBERRY

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

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