Countrywide seeks 'paradigm change' after $1.2bn loss

Countrywide reported a loss of $1.2 billion for the third quarter on October 26 and announced fundamental changes to its business model forced by the lock down in capital markets.

The number one mortgage lender in the US said it will cut 10,000 jobs as it scales back to match expectations of reduced mortgage lending next year.

"Countrywide's results for the third quarter of 2007 reflect the impact of unprecedented disruptions in the US mortgage market and the global capital markets, as well as

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