Countrywide Gets Another $12 Billion In Bailout Money Financing

Reuters is reporting that Countrywide has announced that it has secured an additional $12 billion in financing to help it hang on through the housing slowdown.

Countrywide, which eliminated 12,000 jobs on Friday, says deeper job cuts may be coming. The mortgage industry has already lost 50,000 jobs this year, according to Reuters.

New mortgages funded by Countrywide are down 17.3% from last year.

Countrywide gets $12 bln new financing, shares jump [Reuters]

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  1. Blueskylaw says:

    While the CEO makes 48 million a year (total compensation and change) the company and security holders and foreclosing homeowners burn all around him.

    Way to go Angelo!!

  2. howie_in_az says:

    @Blueskylaw: I can’t help but wonder how many jobs just half of his salary could have saved.

  3. yeah, LAST WEEK. way to stay current.

    Tangelo still laughing all the way to the bank.

  4. Murph1908 says:

    But he deserves that salary. His guidance and leadership have lead to a successful and profitable comp…

    Oh, wait.

    On the other side, this really isn’t a bailout, The company just secured loans from the same sources as banks get loans all the time. It’s never good that they have to dip into the money pool to cover their assets, but it is all part of the system.

    And half his salary wold save close to 500, 50K/year jobs.

  5. still no SEC filing on the source of that $12b. which might mean it fell through.

  6. zakia says:

    Check out the recently updated http://www.eyeoncountrywide.info, an independent consumer resource examining sub-prime lending and Countrywide Financial Corporation

  7. tadowguy says:

    Can you guys let me know when I can stop sending them my payments? ;)