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Look Who's Closing Their Doors

Posted at 10:20 PM, Mar. 3, 2007

I received this email and I wanted to share it with everyone!

  • E-Loan announced it will close their sub prime wholesale division
  • ResMAE listed for sale Wachovia Corp's consolidation of its recently acquired wholesale lenders American Mortgage Network
  • WorldSavings operations will result in layoffs
  • Fieldstone announced that it's closing 5 west coast branches including its Arizona operations. Fieldstone Mortgage also has closed their Las Vegas branch.
  • Mortgage Lender Network (MLN) "stopped funding residential loans" on 12/29 (they didn't actually say they were closing) but they have closed.
  • HMIC closed its doors on Dec 20. As part of a $100 million cost reduction strategy, Sovereign Bancorp its owner exited the wholesale mortgage market.
  • Own it Mortgage - closed its doors
  • Sebring Mortgage closed its doors
  • Axis Mortgage closed its doors
  • Oak Street Mortgage closed its doors
  • Right Away Mortgage closed its doors
  • Secured Funding closed its doors
  • Loans 123 - Not taking any more business
  • Aegis Funding (sub-prime) closed its doors (Aegis Wholesale (Conforming and Alt-A) and Home Equity are still open) for now.
  • Option One (Owned by H&R Block, Owned By HSBC) - Is Up for Sale selling off it's portfolio
  • Meritage Sold to Lime Financial
  • Mandalay - Closed it Doors
  • Southstar - AE's leaving (a good source stating company cannot meet payroll obligations)
  • Accredited - OC Regional office production at its lowest levels, rumors they may close by 1st quarter.
  • Saxon - Layoffs possible closure.
  • RFC - Layoffs
  • Decision One closed 6 regional centers. Division of Option One.
  • Bank of America Mortgage laid off 225 locally.
  • Countrywide Mortgage - Multiple layoffs. In talks with Bank of America about possible merger (CNN). Countrywide has also filed suit against 15 parties alleging that the company may have been tricked into lending as much as $40 million dollars (figures elsewhere say $80 million.) The defendants include eight individuals an appraiser, a property management company, and several mortgage and lending companies. According to The Wall Street Journal, another large lender, Argent Mortgage Company may also have been caught up in the scam. Some of the bad loans also appear to have been acquired by Fannie Mae.
  • Argent consolidated and let 1,000 people go. Currently for Sale Ameriquest laid off 3,800 and shut 229 retail branches after announcing a $325 million settlement with state's attorneys general for overcharging borrowers. THEY MAY NOT LAST TILL SPRING.
  • Washington Mutual - Continued layoffs. Wholesale reps offer 1 point to REALTORS® for referral of loans. (Cutting the throats of their Broker base! Not good for biz!)
  • Encore Credit - closed its doors
  • Then there's Silver State Mortgage whose doors were closed just a couple weeks ago.
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re: Look Who's Closing Their Doors

Posted by Paul at 4:21 AM, Mar. 4, 2007

Fieldstone has been sold for $5.33 a share? I also see NEW, which is laying off workders and NFI are not mentioned? Citibank just bought 5.01% of New ... maybe they know something?

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re: Look Who's Closing Their Doors

Posted by Cindi Dixon at 6:50 AM, Mar. 4, 2007

Finally the news is out!  The only 'surprise' here is that this type of predatory lending has been allowed to continue for so many years.  Over 10 years ago, when working for Ameriquest Mortgage, formerly Long Beach Mortgage Co, there were multiple complaints filed with the state of California.  Similar actions have continued, with myself and other concientious employees reaching out to law enforcement (the FBI) over the years for at least two lenders on your list, as well as the Wall Street investors who knowing purchase their 'questionable' loans and securitize them.  I have personally sat in on board meetings with senior executives discussing the implecations of Securities Fraud if these knowingly-fraudulent loans are pooled.  Sadly the power of the almighty dollar has always won out over lender responsibility or concern for the borrower. 

This seems to me to be divine intervention, or mortgage industry market correction, if you will.  A glaring wake up call for oversight and standardization of the lending industry.  What more can be expected from a process that rewards deceipt and compensates highly for it....as long as we find a way to Make the Loan Work!

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re: Look Who's Closing Their Doors

Posted by Mary Warren at 7:19 AM, Mar. 5, 2007

Apparently at least  one piece of info stated in my above article could be incorrect.  SouthStar Funding is the one in question.  I apologize if I misled anyone on this.  Information for this list was partially gathered from outside sources.  ALL information on this web blog is deemed correct but not guaranteed." 

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What Are Your Options If You Have Bad Credit?

Posted by addhu at 1:24 PM, Mar. 5, 2007

well explained  site for the 'bad credit mortgage'.
<b> What Are Your Options If You Have Bad Credit? </b>
You can get more details about a home, personal, student, small business and other loans even if credit history is poor!

<a href="http://www.mybadcredithelp.com"> bad credit </a>

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re: Look Who's Closing Their Doors

Posted by Jon Benjamin at 2:08 AM, Mar. 6, 2007

Mary -

Thanks for the update but some of the information is incorrect, you might want to check your sources.

Jon

 

 

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re: Look Who's Closing Their Doors

Posted by Tyron McDaniel at 7:40 PM, Mar. 6, 2007

when reading that list i can't help but think back to a little over a year ago or so when i would get flyers and emails from some of these and other fly-by night lending outfits that were offering 100% loans down to 540-560 scores and 580 mid score 100% stated income wage earner loans and i asked myself, "who in their right mind are giving these people these loans...."

unfortunately, it is now rolling down-hill and i do mean fast however as a licensed mortgage banker i happen to see this as a flushing of the lending business so to speak; this will get rid of alot of the knucklehead lenders that are doing bad or harmful business anyway.

the other thing that is interesting about this is during the heyday these guys seem to be hiring like crazy and then when things slow just a bit, now they begin laying off everyone.... 

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re: Look Who's Closing Their Doors

Posted by loan god at 2:54 AM, Mar. 17, 2007

The ship has

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