Countrywide Financial to Cut More Jobs
In the face of decreasing lending volumes and an increase in loan defaults, Countrywide Financial announced an additional 900 job cuts. These reductions are in addition to the 500 announced last month in the company's Full Spectrum division, which handles loans below prime quality, and in the unit that deals with loans originated through brokers.
On Wednesday, Countrywide said the 900 layoffs were mainly in its mortgage-production divisions. The company statement didn't provide details. "Any further changes to the Countrywide organization will reflect our ongoing strategy to align our business to the marketplace," the company said.
Published on September 6, 2007
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