by Calculated Risk on 9/07/2007 06:14:00 PM

Coutrywide press release: Countrywide Announces Plan to Address Changing Market Conditions Including Workforce Reductions, and CFC Letter to Employees (hat tip Kett82) and $544 Million in downgrades from Fitch on two Countrywide mortgage pass-through certificates (hat tip Cal).

The Company presently estimates a total workforce reduction of 10,000 to 12,000 over the next three months representing up to 20 percent of its current workforce.