Countrywide Financial Corp Cuts 12,000 Jobs In Face Of US Housing Crisis

Due to the mortgage crisis and credit crunch that is affecting the US stock market and economy, the largest mortgage lender in the USA, Countrywide Financial has been forced to cut 12,000 – 10,000 jobs.

The Countrywide Financial job cuts represent roughly 20 pct of the Countrywide Financial workforce.

“This current cycle is certainly the most severe in the contemporary history of our industry,” Countrywide Financial Chief Executive Angelo Mozilo said in a letter to employees.

So far this year, the US mortgage industry has lost 50,000 jobs and some believe this is only the beginning. Market analyst Sam Kirtley of The Gold Prices Newsletter is one of those people: “We see a major real estate crash coming in the USA. This will drag down the entire US stock market and mark the beginning of a major recession. During this time, gold and gold stocks will flourish, boosted by a combination of factors, such as the declining US dollar.”

Do you think the mortgage and home loan crisis will cause a crash?

Will Countrywide Financial go bankrupt?
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