Countrywide Laying off Workers in its Alt-A Unit
In contrast to Countrywide’s recent acquisition and hiring binge , the company is laying off workers within its Alt-A division, no doubt as part of a move to have 90% of its loan originations meet the standards to be purchased by either Fannie Mae or Freddie Mac. I’ll touch on more on this later, but the best way to evaluate lenders right now is to figure out which ones are working on changing their origination mix so as to avoid exotic loan products, many of which create unsustainable situations for the borrowers.
Disclosure: As of the writing of his blog post, the author doesn't own a position in any of the companies mentioned in this article.
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