Honestly, I am surprised Countrywide is still in the game. I guess being the largest mortgage lender in the country has buffered them a bit as the subprime market goes belly up.

Countrywide Financial Corp (CFC.N) on Tuesday said October mortgage loan volume fell 48 percent from a year earlier, but credit quality has begun to stabilize as the largest U.S. mortgage lender curtails riskier home loans.

The company also said it ended October with 52,775 employees, down 2,077 from September and 8,092 from August. Countrywide plans to eliminate up to 12,000 jobs by December as it focuses on making smaller, safer — and fewer — loans.

Countrywide said it lost $1.2 billion in the third quarter, but expects to be profitable this quarter and in 2008, despite a projected 30 percent drop next year in U.S. mortgage volume.

One thing I do know about Countrywide, they are NOT working with some people stuck in those loans.

This I know for a fact. My mom has tried to work get Countrywide to help her, to no avail, over the course of the previous 8 months. She even sent them a certified letter and they refused to sign for it, which means they don’t even care what she had to tell them.

Great way to work with people.

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