Countrywide Financial Corp. has taken some of the sting out of a weak share price for several thousand employees by giving them more time to exercise stock options, making it less likely the options will prove worthless, the Wall Street Journal reports.

Meanwhile, as of yesterday afternoon, senior executives of the Calabasas, Calif., mortgage lender hadn’t reported any purchases of Countrywide stock at the current depressed level, despite a recent suggestion from Chief Executive Officer Angelo Mozilo that they were considering such investments.

Countrywide stock, which was at $14.78 in 4 p.m. composite trading on the New York Stock Exchange, is down 65% so far this year amid worries over a jump in defaults and plunging loan volume.

In filings with the Securities and Exchange Commission late last week, Countrywide disclosed that eight senior executives were getting one- or two-year extensions on options to buy shares in the company at prices ranging from about $32 to $39. Some of those options would otherwise have expired as early as April 2009.

The executives include Sandor Samuels, chief legal officer, and Andrew Gissinger III, a former pro football player who is executive managing director, residential lending. The extensions didn’t apply to options held by Mr. Mozilo or David Sambol, president and chief operating officer. Mr. Mozilo has been a heavy seller of stock he acquires through options; he sold $130.6 million of Countrywide shares in the first half of this year through prearranged stock-sale plans.

A Countrywide spokesman said the extensions are aimed at retaining “valued employees” and apply to nearly all stock options granted in 2004 and 2005 to several thousand employees.

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