Thursday, September 13, 2007

Goodbye Countrywide and Fullspectrum

Countrywide cutting more jobs
Dallas Business Journal - September 6, 2007

Countrywide Financial says it has cut an additional 900 positions in its mortgage production divisions.
The cuts, announced Wednesday, are in addition to the 500 jobs the company announced it would cut last month in its Full Spectrum Lending unit.

Countrywide has more than 11,500 employees in Texas, with the vast majority of its corporate facilities located in the Dallas-Fort Worth area, a company spokesman said. The cuts Wednesday impacted about 150 jobs in Texas, mostly in the Dallas-Fort Worth area.
More than 4,500 of Countrywide's jobs in Texas were created as part of the Texas Enterprise Fund agreement.
Calabasas, Calif.-based Countrywide (NYSE: CFC), in 2004, agreed to bring 7,500 jobs to Texas by 2010, as part of a $20 million grant from the Texas Enterprise Fund.
Krista Moody, a spokeswoman for Gov. Rick Perry's office, said the state's contract with Countrywide stipulates that jobs need to be held until 2011.
"The state's contract with Countrywide is based solely on the creation of jobs, and at this time we have no reason to believe they are out of compliance with our contractual agreement," Moody said.
In a letter to employees distributed Friday, Countrywide Chief Executive Angelo Mozilo called the current market cycle "the most severe in the contemporary history of our industry."
"During the past two years the growth in home price appreciation has stopped dead in its tracks and in many areas of the country it has turned in the wrong direction," Mozilo said in the letter, according to the Associated Press.

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