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08/25/07
Countrywide slashes 500 jobs
Filed under: General, Business, Mortgages
Posted by: Lillian Wong @ 7:37 pm

Countrywide Financial Corp., the nation’s largest mortgage lender, said Monday it has eliminated about 500 jobs as it tries to ride out problems from a credit crunch that has rocked the home loan industry. The company said the cuts came in the subprime lending unit of its Wholesale Lending Division and its Full Spectrum Lending unit, which handles mortgages given to customers with minor credit problems or who can’t provide full income documentation required for traditional prime loans. More…

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