Deja Vu?

The situation at Countrywide Financial has been described as a "bloodbath" recently:

"Countrywide, the nation’s largest and recently most-embattled mortgage lender, announced it was laying off as many as 12,000 people today, roughly one-fifth of its 61,000-strong workforce. In a letter to employees company founder and ceo Angelo Mozilo called the current slump 'the most severe in the contemporary history of our industry.' He said home price appreciation had 'stopped dead in its tracks,' that there had been increased delinquencies in 'far too many borrowers' and that the secondary market for jumbo loans and those that don’t qualify for government-sponsored insurance 'has become nearly illiquid.'"

Bloodbath...Where have I heard that before? Hmmmmm...