Countrywide Eliminates about 900 Jobs

In another sign of the slumping housing market, Countrywide Financial Corp. announced Wednesday that it would cut 900 jobs, including about 380 in California. Most of the cuts came in Countrywide’s mortgage-production division, according to a company news release. Last month, the Calabasas-based mortgage lender eliminated some 500 positions that involve subprime and broker-originated loans. “Countrywide has always aligned its organization to best serve the needs of and reflect the market and economic conditions in which we operate,” the news release said. Mortgage lenders are struggling in the face of increased defaults and foreclosures in housing, especially in subprime loans. The housing downturn has driven some lenders into bankruptcy. On Wednesday Countrywide shares fell $1, or 5.1 percent, to $18.81, according to Yahoo Finance.