CALABASAS, CA - Countrywide Financial Corp., the largest U.S. mortgage lender, said on Friday it would cut up to 12,000 jobs, the biggest job reduction by a single company to date that stems from the deepening U.S. housing crisis.
According to the company, it expects to eliminate up to 20 percent of its work force over the next three months, for a loss of 10,000 to 12,000 jobs. It said the cuts were needed because mortgage volume may decline 25 percent in 2008 from this year's level.
"We are taking decisive action to ensure that Countrywide continues to be well-positioned for further success," said Angelo Mozilo, Chairman and Chief Executive Officer. "As we carry out our plan, the Company's overarching focus is exactly where it has always been: to remain an industry leader in the U.S. residential lending business, to deliver value and world-class service to our customers and business partners, to enhance shareholder value, and to provide career opportunities for our people."
The company’s decision to make the current job cuts were announced less than 20 days after it announced that it would cut an undisclosed amount of employees from its Full Spectrum unit.
"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."
However, on a positive note the company said, it would continue its profitable market share growth in areas of opportunity as they presented
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