CALABASAS, Calif. – Financially troubled mortgage lender Countrywide Financial Corp. said Friday it plans to lay off as many as 12,000 employees, about 20% of its workforce, as conditions in the mortgage business are projected to worsen in the coming months. The Countrywide announcement came after IndyMac, another major player in the market, announced 1,000 job cuts. Earlier in the week, Lehman Brothers and National City Corp. said they were trimming some 2,500 jobs in the mortgage area. The job cuts come after one of the worst months in recent memory for mortgage lenders, resulting in announcements of 40,000 jobs cuts in August.
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