Countrywide division closes Reno office
Countrywide Bank, a subsidiary of mortgage lender Countrywide Financial, closed its Full Spectrum Lending Division office in Reno. Fifteen workers lost their jobs in the closure.
A spokeswoman for Countrywide said the company closed the office “to further align the company’s workforce with the recent changes in the mortgage market.”
The Full Spectrum Division specializes in mortgage lending to borrowers who might not qualify for traditional home loans.
In the first quarter of this year, Countrywide Financial one of the nation’s biggest mortgage lenders reported a loss of $893.1 million, much of resulting from the collapse of the market for subprime mortgages.
The Full Spectrum division occupied office space at 4875 Kietzke Lane.
“I point out many cases of where privately owned companies do just as bad a job as publicly owned companies,” says Reno resident and former teacher Robert (R.D.) Gardner.