Countrywide cuts heighten loan crisis
Countrywide cuts heighten loan crisis
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The lender plans as many as 12,000 layoffs. CEO Mozilo says the downturn is the most severe in recent history. Home loan colossus Countrywide Financial Corp. announced Friday that it would slash as many as 12,000 jobs, or nearly 20% of its workforce, saying the downturn in the housing market and the credit crunch related to sub-prime loans have created the worst conditions ever seen by the modern mortgage industry. |
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News entry number 1160 added on Sep 8, 2007 in the Business News category.
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