Financial Firms Fail To Meet Job Targets In Texas

KELLEY SHANNON

AUSTIN, Texas (AP) — Mortgage giant Countrywide Financial Corp. fell more than 1,600 jobs short of its target last year for creating jobs under its Texas Enterprise Fund agreement, while failed bank Washington Mutual was 192 jobs below its goal, according to figures obtained by The Associated Press.

Both companies have laid off thousands of workers nationally and have been taken over by other financial firms since receiving tens of millions of dollars from the taxpayer-funded account overseen by Gov. Rick Perry.

Countrywide was to create 5,500 new jobs by the end of 2008 under its contract, but created only 3,876. Perry's office said the company is still in compliance with its long-term agreement to bring 7,500 total new jobs to Texas by the end of 2010. That's because it has "surplus credits" it can use to offset the annual shortage, according to Perry spokeswoman Allison Castle. Surplus credits are accumulated when the company exceeds its job target in previous years.

"There are challenges in the current economy, and the goal of the enterprise fund is job creation," Castle said. "Countrywide continues to meet the terms of the contract."