(update: clarification on Alt-A)
Countrywide Financial said today it has cut about 500 jobs recently to align costs with a drop in loan production, especially to subprime borrowers. None of the job cuts were in Orange County.
It cut staff at retail unit Full Spectrum Lending, which does prime, Alt-A and subprime loans, and in a subprime wholesale lending unit. After the cuts, Countrywide still employs more than 60,000 workers.
It said today, “the company will monitor market changes and production levels on an ongoing basis and respond as appropriate.”
Full Spectrum previously focused more on subprime loans.
No jobs cut in the OC, but the 500 jobs were cut in Los Angeles County out near Northridge. It’s just a matter of time before they cut jobs out here.