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Countrywide Slashes 900 More Jobs

The company's mortgage-production division takes the hit.
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Countrywide Financial (CFC) cut another 900 jobs in a move to trim costs in the wake of falling lending volumes and defaults.

The online edition of

The Wall Street Journal

reported late Wednesday that the layoffs were primarily in Countrywide's mortgage-production division.

Last month, Countrywide slashed 500 jobs in two units that deal with subprime and broker-originated loans.

"Any further changes to the Countrywide organization will reflect our ongoing strategy to align our business to the marketplace," the company said, according to the



Countrywide employs around 60,000 people.

Shares of Countrywide, which have fallen more than 40% in about six weeks, closed Wednesday down $1, or 5.1%, to $18.81.