- Planetary alignment peaks with celestial show this weekend
- UK fighters escort Pakistan plane to airport, two arrests
- Judge rules against 'America's toughest sheriff' in racial profiling lawsuit
- Sixth night of violence in Sweden, but police say capital calmer |
- Justice Department defends journalist email search
Countrywide CEO calls housing downturn most severe
NEW YORK, Sept 7 (Reuters) - The current downturn in the U.S. housing and mortgage markets is "certainly the most severe in the contemporary history of our industry," said Countrywide Financial Corp CFC.N Chief Executive Angelo Mozilo in a letter to employees made public on Friday.
Mozilo, explaining the largest U.S. mortgage lender's plan to lay off up to 12,000 employees, also said market turmoil would provide an opportunity for the company to gain market share and boost margins.
(Reporting by Christian Plumb and Dan Wilchins)
((Reuters Messaging: email@example.com; +1 646 223 6134)) Keywords: COUNTRYWIDE MOZILO/
(C) Reuters 2007. All rights reserved. Republication or redistribution ofReuters content, including by caching, framing or similar means, is expresslyprohibited without the prior written consent of Reuters. Reuters and the Reuterssphere logo are registered trademarks and trademarks of the Reuters group ofcompanies around the world.nN07232334
- Tweet this
- Share this
- Digg this