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:
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!