Countrywide Specialty Lending - Retail

Countrywide Home Loans Specialty Lending Division is closing down nationwide. We have multiple sources confirming employees outside their offices with cardboard boxes. In some cases, Management actually brought boxes.

This division was essentially the old "Full Spectrum" Subprime Unit. We are lead to believe Countrywide will now be 620 middle-score and up.

This story can only be told through snippets of email from the people who experienced it. There really is no other way to describe the speed and timing, or the corporate planning that went into this surprise ambush. We wanted to report this earlier in the day, but the causalties kept coming in, and every one of them have something important to say.

We present to you some of the anguish:

"I got the boot today... The layoffs were done coldly and cheaply in true Countrywide fashion; conference calls without managers present... Managers who had been lying to us until the last minute?"

"After 6 yrs in with C/W and a Presidents Club winner all she got was $700.00 and her health insurance until the end of the month. They assured her yesterday that she was safe by her manager and has lost all of her pipeline and everything is being transferred to the San Diego and they won't be paid on anything."

"Countrywide Home Loans Specialty Lending Division (formerly Full Spectrum Lending's CMD dedicated division). IMPLODED this morning. I know that the Wakefied, MA closed this morning and they were told the whole division is Imploded."

"I was a manager in the [del] branch until I resigned Sept [del]. They had a regional guy show up this morning at 9 A.M and announce that due to market conditions blah blah blah they were shutting down the office. If you were employed less than 1 year 1 week, 1+ years you got 2 weeks. I spoke to the acting MGR this morning at 11 and everyone in the office was out front w/ boxes."

"The person who closed the [del] branch this morning said they were closing the whole division (which essentially ends Countrywide Subprime Retail.)"

"FYI - Huge RIF today - CMD Speciality Lending (formerly CMD dedicated FSL) is virtually gone as of today. 1/2 the branches were closed yesterday, the other half this morning. I believe it went as high up as RVPs. They are leaving 2 fulfillment centers. 1 will be in TX, the other AZ I think. Business Development Managers let go on 11:00am conference call. I heard only 8 BDMs will remain."

"AEs are only getting paid on PC4 as of this morning, not even refi's closed by not out of recision. The rep brought empty boxes for people to take home their personal belongings."

"We all knew it was coming and were just waiting for the shoe to drop. Be prepared, and make sure you have printed your income and vacation records from HR central. They will not let you on the system the day it happens."

"Good Luck to all who remain. To all of those who were rif'd today, I hope your job hunt lands you in a better place."

In the meantime Mozilo cashed out another $10,000.000.00 in the past 7 days according to SEC records.

Please email us with any information in your local area. Stay tuned to us for more news as it becomes available. At this point we cannot be certain of dollar volume for this Unit, or the total number of people out of work.

There's a very informative thread on our forum regarding this shutdown. Click here to view. If you are part of this closure, please register and add your comments and experiences.