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Countrywide job cuts getting wider
Struggling mortgage lender Countrywide Financial is dropping another 900 jobs nationwide, mostly in mortgage divisions. This is in addition to 500 positions eliminated last month. In a statement, Countrywide says the latest round of layoffs came in response to the troubled housing market and economic conditions. In recent weeks, the company has borrowed $11.5 billion and sold a $2 billion stake to Bank of America to keep operating its retail banking and mortgage lending businesses.
Posted on September 6, 2007 7:02 AM PT | Permalink
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