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| 30 Yr Fix |
6.40% |
-0.07% |
| 15 Yr Fix |
5.93% |
-0.07% |
| 1 Yr ARM |
5.33% |
0.04% |
| 5/1 ARM |
6.03% |
0.04% |
| 30 Yr Tres |
4.38% |
-0.01% |
| Fed Prime |
5.00% |
-0.25% |
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Countrywide To Cut As Many As 12000 Jobs
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The nation's largest home lender Countrywide Financial Corporation
said it plans to cut up to 12,000 jobs, 20 percent of it's workforce, over the
next three months. Most of the job cuts will take place in areas most affected
by lower origination volumes. Countrywide said that it expects its 2008 loan
originations to be about 25% lower than 2007.
Countrywide also stated that it will continue the migration of its residential
lending unit into its thrift entity, Countrywide Bank, giving the company more
stable liquidity, reduced borrowing costs and greater operational efficiencies.
The company expects nearly all residential loan production
to be originated by the bank by September 30, 2007.
"We are taking decisive action to ensure that Countrywide continues to be well-positioned
for further success," said Angelo Mozilo, Chairman and Chief
Executive Officer. "As we carry out our plan, the Company's overarching focus
is exactly where it has always been: to remain an industry leader in the U.S.
residential lending business, to deliver value and world-class service to our
customers and business partners, to enhance shareholder value, and to provide
career opportunities for our people."
"Each employee at Countrywide is considered an important member of the Countrywide family," said David Sambol,
President and Chief Operating Officer. "While workforce reductions are therefore always very difficult, these
decisions are being made with the utmost attention and sensitivity to the impact they will have on our Company
and our people."
Countrywide stock fell sharply on the news in early trading Monday. The stock
was down nearly 6 percent to $17.20 per share.
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Comments (1)
| "Easy money" has been the mode of operation for a number of years in the real estate and mortgage industry. Many groups have found ways to push
"easy money" to the limits of illegal acts and call it "market share". All of the things that all the players have enjoyed can be boiled down to one simple thing, GREED.
Throw in a big dose of oversight(failing to see) by all regulators and you have the perfect storm. We are sitting in the eye and the storm is over warm, deep waters. Hunker down!! |
|
| Above Posted By:
Nathan
| Mon, 10 Sep 2007 14:17:31 EST |
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It’s time for homeowners to stop cashing out their equity and start paying off their mortgages. BTW, Great Article!
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Nobody has been able or willing to mark to market. At this time it is impossible. From what I understand about Paulson, his approa...
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I recall overhearing the conversation in 2005 of a young 30 something in a bar talking to a mortgage broker about his home purchas...
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