Countrywide (CFC) chief Angelo Mozilo is giving something back. The embattled executive said early Monday he will waive his right to $37.5 million in payments tied to the agreement Countrywide signed this month to sell itself for $4 billion to Bank of America (BAC). The decision comes after Democratic politicians ranging from U.S. Sen. Hillary Clinton to U.S. Rep. Barney Frank criticized Mozilo’s lush pay package, given the distress being felt by many homeowners amid a surge in mortgage defaults. Mozilo has reaped hundreds of millions of dollars in recent years by selling Countrywide shares - a fact that began to rankle over the past year, as Countrywide shares lost more than 80 percent of their value and the company endured two brushes with bankruptcy amid worries about possible losses in its loan portfolio.

Beyond showing that he’s not just in it for the money, Mozilo has a bone to pick with the press. He stressed in Monday’s press release that media estimates of his severance package have been overstated. Under the merger agreement, Countrywide says, “Mr. Mozilo would be entitled to $36.4 million in cash severance pay and $400,000 per year in consulting fees, as well as private airplane use and other perquisites. These are the amounts and benefits he will be forfeiting.” Well, it’s a start.

E*Trade (ETFC) finally rid itself of its former chief, but his departure didn’t come cheap. Mitchell Caplan, who stepped down as CEO in November as the struggling online broker lined up a huge capital infusion from Citadel, resigned Wednesday from E*Trade’s board. E*Trade and Citadel booted Caplan after investors fled the stock amid worries about E*Trade’s liquidity - fears brought on largely by Caplan’s ill-considered foray into risky mortgage securities. E*Trade is still looking for a full-time replacement for Caplan and says it hopes to make a decision in the next month or two.

In the meantime, Caplan will be busy counting his money. He will get $10.9 million in cash, plus medical, life and disability insurance coverage, and reimbursement of certain legal fees. All this for a guy who steered the stock to an 84 percent decline last year - the third-biggest decline among Fortune 1000 companies that retain their stock exchange listings. “Mr. Caplan’s resignation from the board,” E*Trade’s press release says, “effectively severs all ties with the company.” Not a moment too soon, obviously.