CountryWide Financial: How Many More People Go?

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Countrywide (CFC) is going to whack another 900 people. Most of these will come from the mortgage production business. CFC has 60,000 total employees.

CFC keeps saying that its prospects are improving. But, it may not want to say that to the people who are leaving.

CFC shares got as low as $15 in the middle of last month. The briefly recovered to almost $25. But, yesterday, the shares traded as low as $18.75.

So much for the recovery.

Douglas A. McIntyre