Tipster: Most Countrywide Full Spectrum Lending Branches Closing

From our tip line comes the news that most of Countrywide's remaining Full Spectrum Lending branches will be closed tomorrow July 11th.  The Full Spectrum group is basically Countrywide's subprime and Alt-A retail origination group.  The company's been laying off folks in this division (and others) as part of its original downsizing plan. Now that the Bank of America acquisition is complete and BofA announced it's ceasing the origination of subprime loans it makes perfect sense for the new owners to try to phase this operation out as soon as possible. From the tipster's email: Tommorrow 7/11/08, about 95% of the Full Specturm Lending (FSL) branches will be shut down.  They will keep open mainly the 2 or 3 national call centers and a hand full of branches here and there.