Countrywide to cut up to 12,000 jobs.

That’s 20% of their work force.

Just a few weeks ago their CEO was boasting about how Countrywide, the largest mortgage company in the US, would be gobbling up distressed mortgage companies. Now it’s clear they are in distress themselves.

2 Comments

  1. ‘”Each employee at Countrywide is considered an important member of the Countrywide family,” said David Sambol, President and Chief Operating Officer.’

    Unfortunately 1 in 5 of the ‘family members’ are being kicked to the curb as he speaks. I am sure this is a perfect opportunity for Countrywide to clean house of its older employees, minorities and other no longer desirable ‘family members’.

  2. The CEO of Countrywide has rewarded himself with over $500 million in stock, I believe.

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