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| The closing of two regional centers has Countrywide Financial Corp. cutting its wholesale subprime workforce.
Countrywide’s wholesale lending division closed two regional subprime operations centers in Denver, Colo., and Jericho, N.Y., according to an e-mail statement Thursday by spokesman Rick Simon. The “slowdown in subprime originations” prompted the decision, resulting in 60 layoffs in Denver and 50 job cuts in Jericho, Simon said. Countrywide reported second quarter subprime fundings of $5.7 billion were off $2.2 billion from the previous quarter and comprised 4 percent of its overall production. The affected employees were involved in processing, underwriting, and production and administrative support, according to the statement. Work from the two centers is being consolidated into larger wholesale subprime operations centers in Jacksonville, Fla., and Anaheim, Calif. A third center will remain open in Richardson, Texas, Simon said. Countrywide’s shrinking wholesale subprime business reportedly resulted in 108 sales job cuts in March. This year has also seen Countrywide Home Loans layoff 59 employees in West Hills, Calif., and 59 in Anaheim. “The consolidation should not have any impact on the efficiency of the centers in serving brokers and their clients,” Simon noted in Thursday’s statement. |
