Mortgage Jobs on the wane

I need to be frank here, on a local level our politicians that desired an end or massive slowing of the housing industry, go their way. Since this is supposedly a market based property tax system I will expect to see massive cuts in government expenditures now too.

It's high time these guys get their heads on straight and start talking about helping housing recover. For their own sakes.

clipped from www.bloomberg.com Countrywide May Fire as Many as 12,000 as Mortgage Demand Wanes Sept. 8 (Bloomberg) -- Countrywide Financial Corp., the biggest U.S. mortgage company, plans to cut its workforce by 10,000 to 12,000 in the largest round of firings since the industry's contraction began last year. New U.S. home loans probably will drop 25 percent in 2008 from this year's levels, forcing the company to eliminate as much as 20 percent of its staff, Calabasas, California-based Countrywide said in a statement yesterday. Countrywide's statement said fewer jobs may be lost if markets improve. Mozilo said he's still adding salespeople. ``Events could change, though it's remote, to make things better than we anticipate,'' Mozilo said. ``Hopefully at the end of the day we won't have to cut as many as we've proposed. There's a potential for a refinance boom if rates come down.''