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Originally posted by GradyPhilpott
Can you expand a little on what you have said, so that those of us who are not in that industry might have a better understanding of the mechanics of this crisis?
Originally posted by hikix
Well basically all across the nation houses are starting to lose value instead of gaining value. I suspect this isn't the case in some booming states such as texas and arizona. But in California, New York, Florida and many states with large populations the houses went up so much in such a short period of time.
Struggling lender Countrywide Financial Corp. will cut as many as 12,000 jobs as it struggles to deal with challenging conditions in the mortgage industry, the company said Friday.
The cuts, amounting to as much as 20 percent of its work force, are needed because the company expects new mortgages to fall about 25 percent in 2008 from this year’s levels, Countrywide said.