Countrywide cuts 12,000 jobs; housing slump deepens
CBS News
Transcript
[Music] the nation's largest mortgage lender is lowering the jobb backs Countrywide Financial says the mess in the subprime mortgage industry is forcing it to cut as many as 12,000 jobs that's about 20% of its Workforce it also expects that its loan originations next year will be about 25% lower than this year the buyers are looking for some inspiration on Wall Street after Friday's bruising a dismal August jobs report sparked a stock market selloff and got investors talking about a possible recession the Dow tanked 250 points the NASDAQ Composite tumbled 48 and some analysts say the question now is not if but by how much the Federal Reserve will cut interest rates at its meeting September 18th this week expect more clues on the state of the economy with reports on August retail sales the trade Gap consumer credit and consumer sentiment toy maker Mattel will be in the political hot seat this week on Capitol Hill Mattel's CEO Robert eer will testify before Congress Wednesday about his company's procedures alerting Federal Regulators of major toy recalls in just over a month Mattel has announced three major recalls due to concerns about excessive lead paint and Chinese made toys the company sold that's your money watch find more business headlines at cbsnews.com in New York I'm Alexis christopherus