Countrywide Financial Corp., Calabasas, Calif., said late Wednesday that it had laid off 900 workers across the United States, most of whom worked in production-related jobs.Earlier this week MortgageWire reported that the company was contemplating layoffs of between 7,000 and 10,000. Last month Countrywide, the nation's largest lender, cut 500 workers in its subprime division. The company has exited that business for now, concentrating instead on government-sponsored enterprise mortgages and loans insured by Ginnie Mae. Meanwhile, the publicly traded lender has rescheduled its annual Investor Forum from Sept. 5 and 6 to Nov. 12.
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There's broad support for the effort to reduce costs and processes, but the Appraisal Institute warns about reducing property valuation quality control checks.
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Foundation had introduced Version 3 of its credit risk model, using the most recent delinquency data, to improve loan performance predictions.
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Fannie Mae's conservator is supporting the government-sponsored enterprise's test within certain boundaries, according to a recent social media post.
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The Senate Banking Committee is slated to consider Christopher Phelen to be the chair of the Council of Economic Advisers on Thursday. Phelen has said in past academic papers that fractional reserve banking is "highly problematic."
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The bureau said the move is intended to remove potentially confusing language with an upcoming revision to the Equal Credit Opportunity Act.
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