Countrywide to lay off 25% of workforce. Here's a game I like to play. When the CEO says that

[Mozilo] assured his audience that Countrywide's "proprietary technology" would help it meet its goal "to avoid any foreclosure." Countrywide invariably kept to "prudent underwriting guidelines," he said, to ensure that its adjustable-rate borrowers could handle the highest interest rates that might kick in during the life of their mortgage.

(Hat Tip LA Times)

It's time to short the stock. Their technology wasn't good enough to stave off the collapse off the credit market So they laid off 25% of their workforce. Oh yea they expect loan originations to be off by 25% this year. I am sure they are giving great RIF packages to those employees. Those that might remember I said the subprime market specifically in California would do EXACTLY THIS!

Labels: countrywide, countrywidelayoff, Countrywiderevenue, countrywiderif

  ¶ Countrywide to lay off 25% of workforce.