Countrywide shed most jobs in mortgage disaster;California hit hardest; more cuts expected.
More than 86,000 mortgage jobs were cut in 2007 because of the weakening real estate market, according to a new report released Monday by MortgageDaily.com.
Countrywide Financial Corp., (CFC, Fortune 500) the nation's largest lender, shed the most staff in 2007. Net job losses at the Calabasas, Calif.-based lender totaled 11,665, or about 14 percent of all mortgage jobs lost during the year.
The numbers would have been worse, if not for JPMorgan Chase & Co. adding 4,465 mortgage jobs in 2007.
The mortgage industry faced a tumultuous year as housing prices declined and delinquencies and defaults rose rapidly, especially among subprime mortgages given to customers with poor credit and among home equity products.
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