While the spotlight may be on Countrywide Financial Corp. (NYSE: CFC) CEO Angelo Mozilo for selling a large number of his shares over the past year, some of his directors did the same. The SEC has started an informal review of whether Mozilo's sales were proper. The stock traded above $45 last last year and now sit below $15.

According to data collected by The Wall Street Journal, several directors made big sales. Jeffrey Cummingham, head of Directorship Magazine, has sold $2.4 million worth of shares. Robert Donato, who used to be with Paine Webber, has unloaded stock worth $2.1 million. Two other directors also made sales.

Countrywide directors are also better paid than those on most public company boards. The Journal reports that (subscription required) in 2006 "their total compensation ranged from $344,988 to $477,824 in 2006."

All of this raises the question of how fair the Countrywide board can be in evaluating Mozilo's actions as the head of the company, especially his contribution to the firm's fast-falling share price. If the investigation into Mozilo's own share sales turns nasty, he faces a board that has also made a great deal on the stock.

Like the rest of Countrywide, the board is a mess. With shareholders suits already beginning, Mozilo may not be the only person in trouble at the big mortgage lender.

Douglas A. McIntyre is an editor at 247wallst.com.