Countrywide Financial Layoff Entire Loan Unit


	Countrywide Financial Layoff Entire Loan Unit

Marcariel

8-21-2007 8:47 AM

651 views

tags:

financial, loans, money, layoffs, economy, countrywide

Marcariel says:

Layoff of major lender entire housing loan unit does not sound good for U.S.A. homeowner finances.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/93ebe078-5443-4df2-9b61-6f665f8e20e0/293F96F8-C88C-4B2C-ACC2-741BB9DA0CAC/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.forbes.com/2007/08/20/countrywide-mortgage-closer-markets-equity-cx_er_ra_0820markets48.html" href="http://www.forbes.com/2007/08/20/countrywide-mortgage-closer-markets-equity-cx_er_ra_0820markets48.html" style="font-size: 11px;">www.forbes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.forbes.com/2007/08/20/countrywide-mortgage-closer-markets-equity-cx_er_ra_0820markets48.html"><B>Cuts Claimed At Countrywide</B></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.forbes.com/2007/08/20/countrywide-mortgage-closer-markets-equity-cx_er_ra_0820markets48.html"><P>
<STRONG>Countrywide Financial</STRONG> appears to have begun laying off employees in order to cut costs.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.forbes.com/2007/08/20/countrywide-mortgage-closer-markets-equity-cx_er_ra_0820markets48.html"><P>According to the  <EM>Wall Street Journal, </EM><B>Countrywide Financial</B>
    (nyse:
      <A class="maintkrlink" href="http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?tkr=CFC">CFC</A> -
	<A href="http://www.forbes.com/markets/company_news.jhtml?ticker=CFC">
       news
    </A> -
    <A href="http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=CFC">
       people
    </A>) started to lay off employees in its loan origination unit, Full Spectrum on Friday. Countrywide employees received an e-mail on Friday, referencing layoffs made that day. The letter, which was penned by an unnamed senior Full Spectrum executive, did not disclose the number of layoffs, the  <EM>Journal</EM> said. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.forbes.com/2007/08/20/countrywide-mortgage-closer-markets-equity-cx_er_ra_0820markets48.html"><P>Last Thursday, Countrywide said it will have to draw on an $11.5 billion credit line to ease its liquidity jam. The sudden announcement, and particularly Countrywide's decision to draw on its entire credit line, was considered a desperate move by the lender and fanned speculation that the company was edging toward Chapter 11. On that day, all three ratings agencies also cut their ratings on the company's senior debt. (See: <A href="http://www.forbes.com/markets/2007/08/16/countrywide-mortgage-credit-markets-equity-cx_er_0816markets13.html"> "Countrywide Breaks Into The Piggy Bank"</A> )</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/293F96F8-C88C-4B2C-ACC2-741BB9DA0CAC/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>