Hammered by the mortgage market's liquidity crisis, Countrywide Financial Corp., Calabasas, Calif., cut 500 jobs at its Full Spectrum subprime division this week, according to industry sources.At press time, the company could not be reached for comment. One mortgage executive close to Countrywide described the secondary market for subprime loans as being "pretty close to being shutdown." Countrywide -- which last week suspended production of non-conforming loans -- ranked first among subprime funders in the first and second quarters, according to the Quarterly Data Report.

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