NEW YORK: Countrywide Financial Corp has sought to reassure customers it is safe to do business with the company, while media reports said the largest US mortgage lender cut 500 jobs to help cope with a credit crunch.
The company, which is being closely monitored by US regulators, took full-page advertisements in Monday editions of The New York Times and other newspapers to tell readers that mortgage market problems do not affect the safety of federally insured deposits at its Countrywide Bank unit, which it said was “well capitalised”.