Countrywide Financial News - Layoffs

Big lay-offs as US housing crisis deepens
Eric DashSeptember 10, 2007
COUNTRYWIDE FINANCIAL, the largest mortgage lender in the US, said it would cut 12,000 jobs, which would be the biggest round of lay-offs in the troubled housing industry.

Countrywide, based in California, said on Friday as many as 20 per cent of its 60,000 workers could go over the next three months as it contends with a severe drop in new home loans, tighter lending conditions and a rise of borrower defaults and delinquencies.

Most of the lay-offs will be staff who approve and underwrite mortgages. Others will be in back-office operations. The banking, insurance and servicing divisions will be unaffected.

On Friday, IndyMac Bancorp, the second-biggest home lender, said it would be cutting about 1000 jobs, or 10 per cent of its workforce, over the next months. Two other lenders, National City Corporation and Lehman Brothers, also announced lay-offs, bringing the total to more than 15,000 job cuts.

The latest cuts are on top of nearly 31,000 lay-offs by financial services companies in August, said Challenger, Gray & Christmas, a recruiting firm in Chicago. About 86 per cent of those jobs came from the mortgage sector.

"Countrywide is following what a bunch of mortgage players are having to do," said Guy Cecala, the publisher of Inside Mortgage Finance. "It is not just downsizing to reflect the decline in current mortgage volumes, but it is downsizing to reflect the new realities of the mortgage market."

Countrywide had been riding high as one of the most aggressive lenders during the housing boom. Under Angelo Mozilo, its founder and chief executive, it became a $US500 billion ($600 billion) mortgage machine with nearly 900 offices across the nation.

But recently, Countrywide has been struggling. Defaults by homeowners are on the rise, especially for adjustable-rate loans to subprime borrowers, whose credit histories are blemished. Investor appetite for buying non-conventional mortgages in the secondary market, the foundation of Countrywide's business, has all but dried up.

CLICK HERE TO CONTINUE

Roanoke Virginia Destiny Christian Center International Pentecostal Holiness Church

It is our hope and desire that you find not only information about the ministry of Destiny Christian but that you will also find encouragement and hope for your journey through life.

As a multi-cultural church Destiny Christian Center is a beautiful tapestry of people uniting together in powerful Christ centered worship and Biblical teaching. The true heart of our ministry is reaching out in life changing love and liberating power, bringing the word of God to all people, of all ages and all socio-economic backgrounds. It is our passion to reach our city and ultimately the world with the uncompromising good news of Jesus Christ.

Located right in the Heart of the Roanoke Valley, Virginia:
Destiny Christian Center

612 Bullitt Ave. S.E.

Roanoke, VA 24013

Phone # 540-344-1991

E-Mail : info@destiny-center.com

Browse and Be Blessed,
Pastors Brian & Kay Kingrea

Financial Opportunity and Finance Information

Mortgage, Refinance Information

Most website owners do not realize that the number of incoming links pointing
to a website determines its importance on the search engines. If a website has
hundreds or thousands of incoming links from other websites pointing to it, the
search engines determine it to be very popular and rank it accordingly. The more
incoming links that a website has pointing to it, the higher it will rank on the
search engines. On the other hand, websites that have no little or no incoming
links are deemed unimportant by the search engines and get lost in the millions
of search results.

To increase the number of incoming links to your website, you have two
options. You can take the slow route of exchanging links one by one with other
websites, or you can join an automated link exchange program like

LinksMaster. Manually exchanging links with other websites is a slow and
tedious process that will take many months of hard work to increase your search
engine ranking - not to mention robbing you from focusing on your other
important duties. Joining

LinksMaster will not only save you the time and hassle of manually
exchanging links, but will also instantly provide you with hundreds of quality
incoming links to your website. Within a short time, these new incoming links
will drive your website to the top of the search engines under your preferred
keyword phrases.

In addition to saving you endless hours of tedious link exchange duties each
week,

LinksMaster can also help you increase your income. Once you become a
member of

LinksMaster you will automatically receive $10.00 per month for every
visitor to your website that subscribes to the service by clicking the referral
link located on your links page. You will receive $10.00 per month for each
referral for as long as they remain a member of the service. Simply referring
three visitors a day for one year will result in
over $10,000.00 a month in
referral payments.

Instructions for


LinksMaster:
If signing up for

LinksMaster, fill out all of the information for your account,
then go to the Page Code screen. Here you should select PHP Scripting for the
page type. This should look like http://www.yourdomain.com/links.php.

Simply by signing up this can help add to your bottom line to pay those mortgage bills so you don't have to refinance.

Private College Loan, Financial Aid, Scholarship, PEL Grants News and Information

Private College Loan, Financial Aid, Scholarship, PEL Grants News and Information

Sports Car Pictures and Photos, Race Car, NASCAR, Formula 1

Sports Car Pictures and Photos, Race Car, NASCAR, Formula 1

Mortgage Refinance News Debt Consolidation Home Equity Loan

US markets take heavy beatingTaipei Times - TaiwanThe Dow Jones Industrial Average took a heavy beating on Friday, plunging more than 200 points from a day earlier, as the mortgage and credit concerns ...
Statistics give the damn lie to mortgage mood musicScotsman - United KingdomThe latest set of discredited numbers comes from the Council for Mortgage Lenders (CML), which on Friday revised upwards its data on mortgage repossessions. ...
Mortgage stress explosion in NZStuff.co.nz - Wellington,New ZealandBy RUTH LAUGESEN - Sunday Star Times Sunday, 5 August 2007 Soaring interest rates and house prices have triggered an explosion in "mortgage stress", ...
No Money Down Disappearing as Mortgage OptionWashington Post - United StatesAnd American Home Mortgage Investment of New York cut most of its staff of more than 7000 employees, effective Friday. Changes in lending policies will most ...

Mortgage Loans Report Debt Consolidation News

HBOS profits up but mortgage share falls by halfic Wales - United Kingdomby Our Correspondent, Western Mail THE UK's biggest lender announced forecast-beating profits yesterday, despite its share of the new mortgage market ...
Wall Street skids as mortgage troubles resurfaceINQ7.net - PhilippinesNEW YORK -- Wall Street shares took a pounding Tuesday as news of spreading troubles in the mortgage sector prompted investors to pull in their horns, ...
Stocks higher despite continued credit worriesUSA Today - USAJust when it looked like stocks could shake off last week's pain, shockwaves from the crumbling housing and mortgage markets Tuesday raised the risk Wall ...
Worst month for US equities in three yearsMSNBC - USAUS stocks tumbled in late trading on Tuesday as investors responded to more bad news about the subprime mortgage market, bringing an end to the worst month ...
What does American Home Mortgage meltdown mean to you?Newsday - Long Island,NY,USABY TAMI LUHBY tami.luhby@newsday.com 6:53 PM EDT, August 1, 2007 The rapid meltdown of American Home Mortgage has left many people wondering about their ...
Mortgage applications dip to 5-month lowWashington Post - United StatesBy Lynn Adler NEW YORK (Reuters) - Demand for mortgage applications slid last week to its weakest level in more than five months, an industry group said on ...

Mortgage Refinance News Debt Consolidation Home Equity Loan

Keep taxpayers off sucker list in mortgage meltdownHouston Chronicle - United StatesBy FROMA HARROP The mortgage meltdown has produced many victims. The most sympathetic are the low-income folk who are losing their homes to foreclosure. ...
Developers Accused of Stealing Millions in a Mortgage FraudNew York Times - United StatesAP Two real estate developers accused of bilking dozens of people out of more than $27 million in an elaborate mortgage fraud scheme were arrested yesterday ...
NovaStar, Impac Mortgage FallWall Street Journal - USAMortgage lenders remained in sellers' cross hairs: Shares of American Home Mortgage Investment were halted all session on the New York Stock Exchange after ...
Mortgage losses, slow US sales may limit GM profitsDetroit Free Press - United StatesAs it reports second-quarter financial results today, General Motors Corp. may say its profits fell because of mortgage losses at its finance unit and ...
Mortgage lending rises despite rate increasesIndependent - London,England,UKBy Karen Attwood Mortgage lending increased at its fastest pace for three months in June, defying expectations that the housing market is slowing down in ...
Lost Wallet's ID Cards Spawned Mortgage FraudWashington Post - United StatesWhen the bank told him that it was the overpayment on his second mortgage, things got really baffling. Elizabeth Cabrera-Rivera pleaded guilty to identity ...
�2bn mortgage exit fees may be refundedTelegraph.co.uk - United KingdomBy Harry Wallop, Myra Butterworth and Philip Aldrick Millions of homeowners are in line for refunds totalling �2 billion on ''unfair'' mortgage exit fees. ...
American Home Mortgage stock down on news of cancelled dividendNewsday - Long Island,NY,USABY DANIEL WAGNER Shares of American Home Mortgage Investment Corp., Long Island's sixth-largest company at the end of last year, ceased trading on the New ...
UK Consumers Cut Back on Beer, Shoes as Mortgage Crunch LoomsBloomberg - USAThey're among the millions of Britons preparing for a mortgage crunch. Craster, a London designer, and Baines, a company director from Knutsford, England, ...
Profit optimism, financials fuel Wall St's reboundStuff.co.nz - Wellington,New ZealandSentiment about the sector also improved after the bailout of a hedge fund steeped in subprime mortgage market losses and a home lending unit of GMAC ...

Refinance Information and News

Downgrade Hits Mortgage InsurersTheStreet.com - USA"The recent spate of mortgage originators backing away from various affordability products will also put a negative bias on credit costs in the near term, ...
Countrywide feels pain of ailing mortgage marketLos Angeles Times - CA,USAMozilo held out little hope that the company's fortunes and mortgage business would improve soon. "It just takes a long time to turn a battleship around," ...DJ Midday Forex: Dollar Rebounds, But Weak US Data ExpectedOnet.pl - PolandFears that the subprime mortgage problems were spreading through the world's biggest economy were stoked Tuesday by news concerning US mortgage banking ...

Mortgage Refinance News and Information

Indians swipe cards, and consumer debt ticks upReuters - USABy Alistair Scrutton and Surojit Gupta NOIDA, India, July 19 (Reuters Life!) - Great India Place, one of India's biggest shopping malls, ...
Banks to combat 'card slave' overspendingChina Post - Taipei,TaiwanThis will be among a series of measures to be adopted when the Consumer Debt Clearance Act, already ratified by the Legislative Yuan, takes effect on April ...
Don't be mastered by BART fare cardThe Argus - Fremont,CA,USA"In a country struggling with consumer debt, is that something BART ought to be doing, providing credit cards?" The cards are part of a larger program of ...
Subprime reforms on table: Senate passage expected todayBoston Herald - United StatesDeval Patrick, Boston Mayor Thomas M. Menino and others have pushed for, would take steps including: making mortgage fraud a felony punishable by up to five ...
MLP, Interhyp to launch residential mortgage joint ventureForbes - NY,USAMUNICH (Thomson Financial) - MLP AG and mortgage broker Interhyp AG will launch a joint venture to provide MLP consultants with access to Interhyp's ...
US mortgage rates unchanged on Monday - BestInfoReuters - USANEW YORK, July 23 (Reuters) - The average rate on a 30-year US mortgage with no upfront points was unchanged at 7 percent on Monday, according to BestInfo ...
CIBC May Write Down C$100 Million of US Mortgage SecuritiesBloomberg - USASubprime home loans, made to people with the worst credit records, are souring at the fastest pace since 2002, according to the US Mortgage Bankers ...
Valley mortgage firm accused of illegal practicesArizona Republic - Phoenix,AZ,USARegulators are trying to shut down a Phoenix mortgage firm they have accused of securing loans from illegal branches at Valley swap meets, malls, ...
Wells Fargo discontinues popular mortgage for subprime borrowersKESQ - Palm Desert,CA,USAAP - July 23, 2007 9:24 PM ET SAN FRANCISCO (AP) - Wells Fargo has stopped offering a popular adjustable-rate mortgage designed for home buyers with ...
Countrywide Home Loans Launches It's Your Choice Mortgage CampaignCNNMoney.com - USACountrywide is arming its more than 9000 loan officers and mortgage sales force with new and improved tools, such as specialized mortgage cost calculators, ...
Freddie Mac mortgage portfolio up 1.2 pct in JuneReuters - USANEW YORK, July 23 (Reuters) - Freddie Mac's retained mortgage holdings increased by an annualized 1.2 percent in June to $712.1 billion, following a 3.8 ...
Emerging-Market Bonds Fall on Growing Subprime Mortgage ConcernBloomberg - USABy Lester Pimentel July 23 (Bloomberg) -- Emerging-market bonds fell as concern about widening losses related to subprime mortages led investors to shun ...
Dollar Falls to Lowest in Two Months on US Mortgage ConcernsBloomberg - USA... to the lowest in two months against the yen and the weakest versus the British pound in 26 years on concern US subprime mortgage losses will worsen. ...

Consumer Debt News and Financing

When Two Become OneChristianityToday.com - Carol Stream,IL,USAby Ellie Kay Georgia and Thomas Gentry of Des Moines, Iowa, were tired of their consumer debt. After eight years of escalating debt, they threw up their

Managing stressed assetsFinancial Express - Bombay,IndiaIn this economic scenario, managing consumer debt and in particular the collection of monies owed becomes more significant in reducing write-offs and

Bad Mortgage News for Lending Companies

After the credit binge, markets fear the crunch is on the wayTimes Online - UKThe dollar plumbed fresh lows and shares in Europe tumbled yesterday as investors fretted that strife in America's sub-prime mortgage market could herald a ...
Sakana Holistic launches BD1m mortgage schemeGulf Daily News - Manama,BahrainBahrain-based Sakana Holistic Housing Solutions is offering the country's highest ever mortgage credit of BD1.25m (about $3.30m), breaking all existing ...
Mortgage woes may roil marketChicago Tribune - United States"The danger is that these mortgage problems could spread, and that there will be a lot of pain," said mutual fund manager Henry Van der Eb, ...
NAACP files suit against mortgage lenders in LADetroit Free Press - United StatesAccording to an NAACP release, the lenders engaged in "systematic, institutionalized racism in sub-prime home mortgage lending." NAACP Interim President and ...
Insurers Mostly OK From Mortgage FalloutForbes - NY,USABonds backed by mortgage loans made to subprime borrowers - those with scuffed credit - have come under scrutiny recently as default rates have risen among ...

Mortgage Refinance Information

Your Money: Mortgage mathAtlanta Journal Constitution - GA, USABy Kara McGuire The direct-mail solicitation claimed that we could shave years off the life of our 30-year mortgage and save thousands of dollars in ...
100% mortgage data 'out of date'RTE.ie - IrelandOne broker, the Irish Mortgage Corporation, says it is no longer the case that a third of first-time buyers take 100% loans. It says the figure is 24% for ...
Mortgage resets: Record bill coming dueCNN - USABorrowers who took out hybrid ARMs in 2004 and 2005 to secure low "teaser" rates for the first two or three years of the loan may see their monthly mortgage ...
US mortgage bond prepayments fall in JuneReuters - USAFull Bio NEW YORK, July 9 (Reuters) - Prepayments on US mortgage-backed securities fell in June as higher interest rates and one less calendar day ...
Mortgage shake-up to tackle homes crisisGuardian Unlimited - UKMinisters plan to shake-up Britain's mortgage market as part of a three-pronged approach to tackle the crisis in affordable housing that is posing a threat ...
Liquidity of covered bonds could usher in new era of mortgage ...Globe and Mail - CanadaEssentially, a covered bond is a debt instrument secured by a covering pool of mortgage loans - or, as is the case in some European countries, public-sector ...
All you need to know about reverse mortgageRediff - IndiaReverse mortgage is a financial option that senior citizen homeowners aged 60 and above can explore. Once all mortgages on their property have been paid off ...
Can you handle the mortgage payments?Telegraph.co.uk - United KingdomPaul Farrow reports If you are one of the two million homeowners whose cheap fixed-rate mortgage is due to expire in the next few weeks, you probably don't ...
US mortgage rates unchanged on Monday - BestInfoReuters - USANEW YORK, July 9 (Reuters) - The average rate on a 30-year US mortgage with no upfront points was unchanged on Monday at 7-1/8 percent, according to ...