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Wednesday, Apr 24, 2024

Countrywide Cuts Nearly 5,000 Jobs in September

Countrywide Financial Corp. cut nearly 5,000 jobs in September, and funded 44.3 percent fewer mortgage loans, the company told Reuters on Thursday. Over the year, mortgage funding by the Calabasas-based company fell $16.9 billion to $21.2 billion. Adjustable-rate mortgages dropped 76 percent and loans other than prime were down a whopping 92 percent, Reuters reported. Countrywide is cutting 12,000 jobs, or 20 percent of its workforce in the wake of the financial crisis in the home mortgage lending sector.

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