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:
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.
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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.