Countrywide Financial is laying off employees at its Full Spectrum Lending Unit who are involved in originating loans, reports The Wall Street Journal. The move comes less than two weeks after Countrywide said it would hire loan officers from rival lending companies which have been forced to shut down. Circumstances have changed recently as the credit crunch has deepened. Countrywide announced on Thursday that it took out an $11.5 billion loan from 40 banks.
The Full Spectrum division at Countrywide deals with Alt-A loans and employed a loan-origination sales force of about 6,800 as of June 30. The Journal did not report how many people would be fired.
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