According to MSNMoney.com, here’s just some of what’s going down at Countrywide Financial:

– Reductions in workforce which will occur in areas most impacted by lower mortgage market origination volumes. The Company presently estimates a total workforce reduction of 10,000 to 12,000 over the next three months representing up to 20 percent of its current workforce. Actual reductions could be lower should the interest rate environment and related market volume outlook improve. Based on current interest rate levels, Countrywide presently expects that total market origination volumes will decline approximately 25 percent in 2008 compared to 2007 levels.

I think this was to be expected. Predatory lending is proving to be a lose-lose situation – even for the predators!

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