More Bad News for Countrywide

Countrywide Financial, the largest mortgage lender in the United States, plans to cut between 10,000 & 12,000 jobs (approximately 20% of its staff). More than 15,000 industry jobs have been lost this week, including cuts at IndyMac Bancorp, the second-biggest mortgage company, National City Corp. and Lehman Brothers. Financial companies, which include banks, insurance, real estate, & mortgage companies, eliminated over 35,000 jobs in August alone, and over 100,000 jobs have been lost so far in 2007.