US mortgage lender slashes jobs
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Countrywide, the biggest US mortgage lender, will cut up to 20% of its staff, as business slumps.
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CHARLOTTE, N.C. -- After a tough third quarter, Bank of America Corp. has become the latest bank to slash jobs due to poor results brought on by the unrest in global credit markets.
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New applications for US home loans fell last week as 30-year mortgage rates declined to their lowest level since late March, an industry group said on Wednesday.
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Morgan Stanley  will slash more than 1,000 jobs in the coming week, trimming costs ahead of what it expects will be a tougher business environment, a person briefed on the moves said on Thursday.
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Investment bank Lehman Brothers Holdings Inc  on Thursday said it would stop U.S. wholesale mortgage lending because of a continued slump in credit and housing markets, a move that will cut 1,300 jobs and result in a $40 million charge.
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Bank of America Corp., the third- biggest US bank, will cut 4,500 jobs in addition to the 12,500 positions it will eliminate as part of the purchase of FleetBoston Financial Corp.
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The investment bank said BNC Mortgage will be combined with Aurora Loan Services into a single residential mortgage business, cutting 400 jobs.
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Troubled subprime mortgage lender Countrywide Financial Corp. plans to slash as many as 12,000 jobs over the next three months, according to company statement released late Friday.
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US stocks fall on Thursday after the country's largest mortgage lender warns of a possible recession.
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IndyMac Bancorp Inc , one of the largest U.S. mortgage lenders, said on Tuesday it is eliminating 2,403 jobs, or 24 percent of its workforce, to cope with deteriorating housing and capital markets.
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Morgan Stanley said it will close its business in Britain that issues home loans and significantly curb its mortgage business in the United States.
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A disappointing November employment report helped push mortgage rates lower this week, according to Freddie Mac&#39;s weekly mortgage survey.
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Bank of America Corp  on  Thursday said it will stop offering home mortgages through  brokers by the end of the year, resulting in a loss of 700  jobs, so that it may focus on lending directly to consumers.
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Shares down after company shutters home lending operation.
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The number of US mortgage refinancings fell sharply last week suggesting that the refinancing boom may have run its course even as rates eased, economists said.
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Mortgage lender's shares plummet more than 20% after Bank of England intervention.
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NovaStar Financial Inc  said on  Tuesday that it would eliminate 275 jobs and slash direct  mortgage lending to preserve cash after it was forced to cancel  a $101.2 million rights offering, and its shares fell 14  percent.