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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