Countrywide to Cut Up to 12000 Jobs Amid Mortgage Slump
Calabasas based Countrywide Financial says it will reduce its workforce by as many as 12,000 positions, up to 20 percent, as mortgage demand falls about a quarter in 2008. CEO Angelo Mozilo calls the cycle the most severe in industry history amid moves to fund operations through Bank of America and shift residential lending into Countrywide Bank.
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Los Angeles
Countrywide Financial Corp
Countrywide
Angelo Mozilo
Mozile
Bank of America
Fannie Mae
Freddie Mac
Insight
Lexington
Mass
Federal Reserve
Fed
Federal Open Market Committee
Lyle Gramley
Jobs report signals recession fears and rate cut likely
Washington experts say the first monthly drop in new jobs since 2003 raises recession worries. The Labor Department reports 4,000 fewer jobs in August, with June and July revised down by 81,000. Stocks slide as investors anticipate a quarter-point Fed rate cut to 5 percent, with calls for deeper action amid housing and subprime mortgage concerns.
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Washington
Federal Reserve
Labor Department
Wall Street
Fed
Grain and live cattle futures mixed on major exchanges
Coeds Chicago markets Agriculture futures rose on the Chicago Board of Trade with wheat, corn, oats, and soybeans up while beef futures fell and pork futures mixed on the Chicago Mercantile Exchange. Elevators in Overbrook and others quoted varied prices for wheat, corn, milo, and soybeans with narrow price differentials. Nonferrous metals moved on London and New York exchanges with gold, silver, copper, lead, zinc, and platinum listed.
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Chicago
Chicago Board of Trade
Chicago Mercantile Exchange
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Jobs
Nigel Gault
U.S
Global
Gramley
Rep
Barney Frank
D-Mass
House Financial Services Committee
Benjamin Bernanke
Frank
Dej
Edgerton
Milo
Overbrook
Midland
Lawrence North
Lawrence South
Pauline
Ottawa Cooperative Association
Ottawa Elevator
London
Wlassachusetts
Genaveseitalian.com
Taabel
Yeeni
Lawrence
Mesterroofingco
Bullene Ave
Building
Kitchen & Bath Designs
Massachusetts Street
Children’s Arts & Crafts Booth
Billy Spears
Lonnie Ray
Billy Ebeling
The
Late For
Fox
Duane Peterson
Konza Swamp Band
Midwest Lawren
Wakarusa
Overland Park
Aera
Kansas City
Ality
Liberty
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