Struggling mortgage lender Countrywide Financial Corp. announced it will cut about 900 more jobs nationwide, primarily from its mortgage production divisions, the Associated Press reported.

The cuts followed the elimination of about 500 positions last month.

In recent weeks, the company borrowed $11.5 billion and sold $2 billion of convertible preferred stock to Bank of America so it could keep operating its retail banking and mortgage lending businesses.

The latest layoffs came in response to the troubled housing market and economic conditions, the company said in a statement.

Countrywide, the largest mortgage lender by volume in the United States, employs about 60,000 people, with around 34,000 in loan production. It has been struggling as the housing slump led to a sharp rise in mortgage defaults and foreclosures, particularly among borrowers with subprime loans.

Like other lenders, Countrywide has tightened its credit guidelines and stopped making some types of adjustable rate loans.