Oregon Mortgages

More Countrywide News

I know people must be getting tired of hearing about them but they are an important lender in our world so they should be important to all Real estate Agents, appraisal companies, Inspection companies, Title & Escrow…etc.

Countrywide is cutting 12,000 jobs out of their line up. That is roughly 20% of their entire workforce. They have scheduled it to take place over a 3 month period. We’ll see most of the job cuts come from areas that are lower in origination. Countrywide expects to see a 25% decrease in their loan originations for 2008.

“Each employee at Countrywide is considered an important member of the Countrywide family,” said David Sambol, President and Chief Operating Officer. “While workforce reductions are therefore always very difficult, these decisions are being made with the utmost attention and sensitivity to the impact they will have on our Company and our people.”

Their stock fell 6% upon release of the news about the job cuts. That is definitely a significant amount of jobs for Countrywide to cut. I’m assuming we’ll see a lot of their retail loan officers be let go. Quite the interesting news…