Countrywide Financial Corp. (CFC) Laying off Loan Originators
Countrywide Financial Corp. has started laying off loan originators, according to a report in Monday's Wall Street Journal, as the credit crunch continues to impact the nation's largest mortgage lender.
The layoffs hit the company's Full Spectrum unit, which handles "Alt-A" loans, which fall between the prime and subprime categories and often are for those applying for loans that don't document their income.
The number of employees laid off was not disclosed. Full Spectrum employed a sales force of about 6,800, with Countrywide as a whole sporting a loan-origination sales force of about 18,000.
Countrywide has offices in Latham and Saratoga Springs. Countrywide did not return a phone call seeking comment on the layoffs.
The layoffs come shortly after Countrywide bought five loan origination branches from HomeBanc Corp., then later tapped its credit line of more than $11 billion to increase liquidity.
According to the report, Calabasas, Calif.-based Countrywide (NYSE: CFC - News) is cutting back on lending and costs because the company will not be able to sell off risky loans, due to rising concerns in the mortgage industry.
Published August 20, 2007 by The Business Review
The layoffs hit the company's Full Spectrum unit, which handles "Alt-A" loans, which fall between the prime and subprime categories and often are for those applying for loans that don't document their income.
The number of employees laid off was not disclosed. Full Spectrum employed a sales force of about 6,800, with Countrywide as a whole sporting a loan-origination sales force of about 18,000.
Countrywide has offices in Latham and Saratoga Springs. Countrywide did not return a phone call seeking comment on the layoffs.
The layoffs come shortly after Countrywide bought five loan origination branches from HomeBanc Corp., then later tapped its credit line of more than $11 billion to increase liquidity.
According to the report, Calabasas, Calif.-based Countrywide (NYSE: CFC - News) is cutting back on lending and costs because the company will not be able to sell off risky loans, due to rising concerns in the mortgage industry.
Published August 20, 2007 by The Business Review
Labels: CFC, Countrywide Financial Corp.
posted by Stock Administrator @ 3:28 PM
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