Countrywide Financial Corp.'s Chief Executive Angelo Mozilo was paid more than $48 million in salary, bonuses and stock-based compensation in 2006, according to a regulatory filing Friday.

The filing also revealed that the executive exercised $72 million in stock options for the year, bringing his total pay for 2006 to$120 million. The company also said it reimbursed Mozilo $643,205 for country club membership dues and personal travel on the company jet.

This news comes a day after the Calabasas-based lender reported a 37 percent dip in first quarter profits due to a slumping housing market and a shakedown in the subprime lending industry. However, profit was up more than 6 percent for the lender in 2006 which was equal to Mozilo's raise from 2005 to 2006, the company said.

Shares in Countrywide were down 35 cents to $38.18 in afternoon trading Monday on the New York Stock Exchange.

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