Countrywide To Cut 20 Percent Of Employees

By
Real Estate Agent with Buyers Brokers Only, LLC

In an effort to withstand soaring foreclosures, Countrywide financial will cut as many as 12,000 jobs, the  Boston Herald reported September 8, 2007.

"The cuts, amounting to as much as 20 percent of its work force, are needed because the company expects new mortgages to fall about 25 percent in 2008 from this year’s levels ..."

In recent weeks, Countrywide reportedly borrowed $11.5 billion and sold a $2 billion stake to Bank of America, so it could keep operating its retail banking and mortgage lending businesses.

Read The Boston Herald Article

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