In a move that should surprise no one, the Daily News reported today Calabasas-based Countrywide has started laying off mortgage origination staff. These layoffs will impact Countrywide employees in the company's Full Spectrum Lending unit, which handles many mortgages in a category known as Alt-A. What's "Alt-A" you ask? Well, Alt-A borrowers are often the self-employed or others who fall between prime and sub-prime and are frequently those who don't document their income and, as a result, typically don't qualify for a conforming mortgage of the type that can then be sold to government-sponsored mortgage investors Fannie Mae and Freddie Mac. While it's unclear how many of the company's reported work force of 61,000 are affected by the layoffs those in "Full Spectrum" accounted for some 6,800 sales agents out of a total Countrywide mortgage origination staff of 18,000, according to a Securities and Exchange Commission filing, as of June 30.
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