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Thursday, September 6, 2007

Countrywide job cuts deepen

September 5 2007
The troubled mortgage lender said it will hand out 900 more pink slips as defaults and foreclosures mount, particularly among low-income homeowners. Struggling mortgage lender Countrywide Financial said Wednesday it will cut about 900 more jobs nationwide, primarily from its mortgage production divisions. The cuts followed the elimination of about 500 positions last month. The latest layoffs came in response to the troubled housing market and economic conditions, Calabasas-based Countrywide (Charts, Fortune 500) said in a statement.


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