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: christian.plumb.reuters.com@reuters.net; +1 646 223 6134)) Keywords: COUNTRYWIDE MOZILO/

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