Even as the housing market slowed and the subprime lending sector imploded, Angelo Mozilo profited handsomely.

But in his own words he also became a “lightning rod of negativity” for Countrywide Financial Corp., the Calabasas lender he founded and has led for some four decades.

Now, he’s taking a pay cut.

Last year, Mozilo’s compensation totaled $120 million, including a pay package worth $48 million and exercised options worth $72 million.

But in 2007 Mozilo’s base salary, a bonus based on earnings and stock grants, and options based on the lender’s share price, will be reduced by 48 percent to 62 percent depending on the final numbers.

If the year continues at its current pace, that could be a big hit.

Since the woes in the subprime market started taking a bite out of the mortgage-financing business in February, Countrywide has lost about $4 billion in market cap. Its shares fell from a high of $44.26 to a low of $32.20, though they have recovered a bit since then, closing at $37.73 on May 3.

The slowdown also has taken a big bite out of the company’s bottom line, with Countrywide reporting a first quarter earnings drop of 37 percent.