CNN Money Reports that Countrywide Plans to Slash Up To 12,000 Jobs

By
Real Estate Agent with Preview Properties Skagit LLC

On Friday, CNN Money posted an article about Countrywide Financial Corp.  The article says that the mortgage lender plans to cut as many as 12,000 jobs over the next three months.  This cut represents 20% of its workforce.

The article also says that they will have 25% fewer loan originations in 2008.

To view the entire article, please click on the following link:
http://money.cnn.com/2007/09/07/real_estate/countrywide_cuts/index.htm?section=money_realestate

 

In my opinion, Countrywide has been a good lender.  However their sub-prime division "Full Spectrum Lending" has been weak and sloppy, at least that was my experience in the loans that two of my clients obtained.  It looks to me like like they are slicing out the problem areas of their company.

I wish Countrywide the best of luck in their re-structuring efforts!

 

Bill and Maggie Sauneuf. Real Estate Service For Life!

 

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Rainer
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Joe Salcedo
Chase International Real Estate - Reno, NV
Reno Real Estate

Yeah, ouch. Definitely for those 12,000 people.  If it's worth anything. I remember watching an episode of the

'big idea' with Donny deautche. These kinds of events, is we just stick to the lesson and not lose hope that in the end we will prevail it will make us so much stronger.

Sep 09, 2007 07:21 PM #1
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Rainmaker
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Bill Sauneuf

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