Countrywide to Cut Up to 12,000 Jobs

http://biz.yahoo.com/ap/070907/countrywide_job_cuts.html?.v=6

LOS ANGELES (AP) -- Struggling lender Countrywide Financial Corp. said Friday it will cut as many as 12,000 jobs as it struggles to deal with challenging conditions in the mortgage industry. The company said the cuts, amounting to as much as 20 percent of its work force, are needed because it expects new mortgages to fall about 25 percent in 2008 from this year's levels.

The job cuts are expected to center primarily on the company's production divisions and its general and administrative support areas, Countrywide Chief Executive Angelo Mozilo said in a letter distributed to employees Friday.

He also 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.

...

so the job losses are far worse than what they reported today. It will only get worserer. (I saw too many freeper clients, who I give the same effort and support to as any other. I guess my IMPEACH poster was the source of talk, but they still hired me)

She is a single Mom and she works her ass off so i'm hoping that she'll find something quickly, her kids have health insurance through her ex husband, she's not as lucky.

My guess is he has a Golden Parachute...

http://www.aflcio.org/corporatewatch/paywatch/ceou/database.cfm?tkr=CFC&pg=1

Angelo R. Mozilo
Chief Executive Officer
Countrywide Financial Corporation

The proxy statement for Countrywide Financial Corporation uses the new SEC executive compensation rules.

In 2006, Angelo R. Mozilo raked in $48,133,155 in total compensation according to the SEC. However, according to the AFL-CIO's calculation method*, he raked in $42,994,306 in total 2006 compensation.