From a plugged-in tipster: “I talked to my friend who was just let go [at Countrywide]. Seems they’re going to go into the direction right now of letting those people go who started after June 11th, 2007. He said company wide so we shall see how it unfolds. Weird to begin letting people go on a Weds as well.” And yes, unconfirmed (for now).
From Rumor To Reality: Up To 12,000 Layoffs At Countrywide [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by Jordan

    This is true based upon what my cousin, who just got hired and laid off at Countrywide, has told me.

  2. Posted by james

    check out the 12k homes for sale that countrywide now owns:
    http://countrywide-foreclosures.blogspot.com/2007/09/11797-homes-offered-for-sale-on.html

  3. Posted by ex SF-er

    this is the very sad part of economic downturns.
    many good people losing their jobs.
    keep them in your hearts, minds, and prayers.
    remember: almost nobody is completely immune to losing their jobs!

  4. Posted by gh

    LIFO method

  5. Posted by Jimbob

    Many people will be laid off as a result of a nationwide slowdown in housing — construction workeres, mortgage brokers, real estate agents, appraisers and everyone in between. To date, roughly 500,000 people nationwide have lost their jobs in this industry (not counting illegal immigrant workers of which there could be a few in the construction trades). Lucky for us, San Francisco’s economy is not dependent on these industries at all (unlike, say, Orange County).
    These developments won’t have any impact on the local market at all. (If anything– the last time there were huge job losses in the Bay Area, i.e. ’00-’01, prices rocketed up so perhaps we’re due for another surge now too?).

  6. Posted by marc

    Prices continued to rise through the dot.com bust because external demand remained while what regional/city demand remained was boosted by lower interest rates.
    Job losses did not cause prices to rise–prices rose in spite of job losses.
    -marc

  7. Posted by bird_man

    I hear that Paul Financial, in San Rafael, will be closing shop, seeing as we are talking rumors.

  8. Posted by james

    they shut down their san jose office about a month ago according to the guy i was working with on an offer at the time
    that was a 2700 person layoff

  9. Posted by Phil

    To reach their goal of laying off at least 12,000, they will need to get rid of people hired alot farther back than June 11, 2007.

  10. Posted by Dude

    What about the builders? Lennar cut 35% of their workforce nationwide.
    http://www.usatoday.com/money/economy/housing/2007-09-25-existing-homes_N.htm?loc=interstitialskip

  11. Posted by marc

    My understanding was that Lennar’s fundamentals were anemic prior to this credit crunch.
    -marc

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