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According to a report released by the International Monetary Fund (IMF) on Tuesday morning, total losses from the subprime meltdown could reach up to $945 billion on the back of fears of a deeper, more protracted crisis. "The risks to financial stability remain elevated" said the report, stressing a...
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Countrywide issued its operational results for the month of August and it comes as no surprise that the numbers were down. Here is a recap of their results: Loan fundings for the month of August totaled $34 billion, a 17% decrease from August 2006. Average daily mortgage application activity was $2.3...
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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...