Countrywide May Cut Up To 12,000 Jobs - WSJ

Countrywide Financial Corp is expected to cut its workforce by 10,000 to 12,000 jobs in the next three months, according to theWall Street Journal. The cut will represent about 20% of the company's total workforce. If the markets improve, the cuts will be less drastic. CFC also expects its loan originations in 2008 will be 25% lower than 2007, as they plan to be more conservative.

Sources: WSJ
Commentary: Why Countrywide is Done • Countrywide Not on Easy Street Yet -- Analysts
Stocks/ETFs to watch: CFC. Competitors: BAC, FNM. ETFs: KBE, PJB

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