Angelo Mozilo, chairman and chief executive officer of Countrywide Financial (NYSE: CFC), had compensation dropped 79% to $10.8 million last year - though more than $10 million isn't bad for an executive that drove his company to the brink of total disaster.

In an embarrassing incident for the company, it has recently come out that Mozilo also accidentally responded to an e-mail from a borrower. Here is the excerpted exchange:

“I am writing this letter to explain my unfortunate set of circumstances that have caused me to become delinquent on my mortgage. I have done everything in my power to make ends meet but unfortunately I have fallen short and would like you to consider working with me to modify my loan. My number one goal is to keep my home that I have lived in for sixteen years, remodeled with my own sweat equity…this home means the world to me…. it’s to the point where I cannot afford to pay what is owed to Countrywide. It is my full intention to pay what I owe. But at this time I have exhausted all of my income and resources so I am turning to you for help.”
–Countrywide borrower Dan Bailey

“This is unbelievable. Most of these letters now have the same wording. Obviously they are being counseled by some other person or by the internet. Disgusting.“
–Countrywide Financial founder, Mozilo

Mozilo was indeed correct, the e-mail was guided by a form letter available on an Internet forum, but the incident and wording are doing nothing to help his reputation.