Countrywide Lays Off at Full Spectrum Group

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

According to now-former employees, Countrywide went through another round of layoffs at the (soon to be former?) Full Spectrum Group this morning which is the big subprime retail arm of the mortgage giant. It affected employees hired within the last 3 months and didn’t have tenure in the group. This affected several of the Southern California Full Spectrum branches although the numbers of people let go are currently unknown.

If you have any information on the size of the layoff please let me know. This seems to be right in line with the Countrywide layoff plan, and Mozilo’s comments that Countrywide “is out of subprime.” If they’re out of subprime and they have both subprime and a prime retail origination divisions, some one has to go.

If you want late-breaking mortgage industry news subscribe to my RSS feed and join my email list for more mortgage insight.

Update: I changed it from Specialty Lending Group to Full Spectrum, SLG is the wholesale side, Full Spectrum is the retail side for Countrywide Subprime.