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Countrywide says it cut 500 mortgage jobs

NEW YORK
Tue Aug 21, 2007 7:07am EDT
A house for sale is pictured in the Green Valley Ranch development in Denver, Colorado July 26, 2007. Countrywide Financial Corp has sought to reassure customers it is safe to do business with the company, while media reports said the largest U.S. mortgage lender cut 500 jobs to help cope with a credit crunch. REUTERS/Rick Wilking

NEW YORK (Reuters) - Countrywide Financial Corp CFC.N, the largest U.S. mortgage lender, said it had eliminated about 500 jobs nationwide as it tries to cope with a credit shortfall stemming from the U.S. housing downturn.

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In an e-mail on Monday evening, Countrywide said the cuts came in its Full Spectrum lending division, which handles mortgages for customers who don't qualify for the best rates, and the subprime unit of its wholesale lending division.

Countrywide said it was still recruiting and hiring sales staff, but will take steps to "adjust staffing levels, particularly in areas where the cost structure must align with production volumes."

The Calabasas, California-based company said it employed more than 60,000 people. Its work force totaled 61,586 at the end of July, up from 54,655 at year end, according to a regulatory filing.

(Reporting by Jonathan Stempel)
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