More cuts at Countrywide

The Calabasas-based mortgage lender will eliminate another 900 jobs, mainly in its mortgage production divisions. No further details, other than a news release saying that "any further changes to the Countrywide organization will reflect our ongoing strategy to align our business to the marketplace" (that certainly clarifies things). The new round of cuts is in addition to the 500 job reductions announced last month. Earlier this week, federal and state banking regulators urged lenders to restructure the loans of borrowers at risk of losing their homes as their adjustable-rate mortgages reset to a higher rate. (The Street.com)