Foreclosure help is coming... from India

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Update: Commenter Cal points out a headline we missed today: Countrywide said it is hiring as part of its foreclosure prevention efforts, and the new jobs are in India -- yes, India, not Indiana: From the company’s presentation today in San Francisco: ‘Increased staffing levels in India for home retention and loss mitigation efforts, shifting additional costs to an area with lower labor expense.’

News item from Reuters: ‘Countrywide Chief Executive Angelo Mozilo said Tuesday the largest U.S. mortgage lender is ‘out’ of the subprime business, apart from offering home loans eligible for purchase by government-sponsored enterprises.’

Second news item, from Dow Jones: ‘Countrywide Financial Corp.Chief Executive Angelo R. Mozilo said the largest U.S home lender plans to double the number of financial centers over the next four to six months to become more ‘bank like.’’

Why the banking expansion? Third news item, from The Wall Street Journal: ‘Countrywide Financial Corp., seeking more deposits to finance mortgage lending, plans to double its number of branch offices offering certificates of deposit and money-market accounts.’

Never a dull moment.
Photo Credit: Reuters