Industry News

Top lender to trim 2,500 workers

Mortgage banking profits slip at Countrywide
Published on Oct 24, 2006

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by CareyBot

With profits from mortgage banking down 40 percent for the quarter, Countrywide Financial Corp. said it is moving forward with plans to lay off more than 2,500 workers and keep revenue flowing by emphasizing products like refinance, reverse mortgage, commercial and construction loans.

In part because those measures are already underway, Countrywide was able to post third-quarter profits of $648 million, a 2 percent increase from the same quarter last year ...

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