COUNTRYWIDE WOES MOUNT

``"There is a reasonable possibility of a dividend cut," Schumann said. "If this dislocation proves to be longer in duration, or if conditions materially worsen, we believe that could further pressure Countrywide's financial position."''

``Countrywide has become a poster child for the housing crisis and having lost nearly $25 billion in market value over the last nine months. Countrywide has already laid off about 12,000 employees and some insiders expect that to rise to 20,000 as mortgage originations plummet.''