Posts Tagged ‘Countrywide’

Mortgage Industry Keeps Cutting Workforce

Written by Leatherneck on September 09, 2007 under Archives, Economic Impact, Job Losses

More than 15,000 jobs have been eliminated this week alone, as IndyMac Bancorp, National City Corp. and Lehman Brothers Holdings Inc. announced reductions. More than 100 mortgage companies have sought buyers or halted lending since the start of 2006. Countrywide Financial Corp., the nation’s biggest mortgage company, may reduce its workforce by 10,000 to 12,000 in the next three months, a 20 percent cut.

Countrywide to lay off as many as 12,000

Written by Leatherneck on September 07, 2007 under Archives, Job Losses, Lenders

Once again it seems like some of the banks and companies that got out in front of subprime issues are the ones that really need to be watched. Only a few weeks ago Countrywide told us they had billions in liquidity and there was nothing to worry about. Shortly thereafter we heard speculation about Countrywide and bankruptcy. That never happened but the company certaining is singing the mortgage blues, as massive layoffs were announced today:

Countrywide Cuts Mortgage Production Jobs

Written by Leatherneck on September 06, 2007 under Archives, Job Losses

Struggling mortgage lender Countrywide Financial Corp. said Wednesday it will cut about 900 more jobs nationwide, primarily from its mortgage production divisions. The cuts followed the elimination of about 500 positions last month. The latest layoffs came in response to the troubled housing market and economic conditions, Calabasas-based Countrywide said in a statement.

Countrywide Share Price Down 53 Pct for the year

Written by Leatherneck on August 27, 2007 under Archives, Lenders

Bloomberg Television announced this morning that shares of Countrywide are down 53 percent for the year. Countrywide is the biggest mortgage lender in the United States. After a 42 billion infusion by Bank of America some analysts expected Countrywide share to rebound. The company tried to reassure the general public that it was safe and sound, saying they had billions in liquidity.

Bank of America Moves to Head of Countrywide Line

Written by Timothy Blake on August 23, 2007 under Archives, Lenders

Under the terms of the deal, Charlotte, N.C.-based Bank of America acquired $2 billion in the form of nonvoting, convertible preferred stock yielding 7.25 percent annually, Countrywide said. The shares can be converted into common shares of Countrywide at $18 a share, with certain restrictions.

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