all these are subprime co's that have died in the last 6 mos..)
ResMAE listed for sale
Wachovia Corp.'s consolidation of its wholesale operations will result in layoffs
Fieldstone announced that it's closing 5 west coast branches including its Arizona operations.
Mortgage Lender Network (MLN) "stopped funding residential loans" on 12/29 (they didn't actually say they were closing).
HMIC closed its doors on Dec 20.
As part of a $100 million cost reduction strategy, Sovereign Bancorp exited the wholesale mortgage market.
Own it Mortgage - closed its doors (big player, and this hurt)
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)
Option One - Up for Sale
Meritage Sold to Lime Financial
Mandalay - Closed it Doors yesterday
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 qtr.(big player)
Countrywide - Multiple layoffs
Washington Mutual - Continued layoffs
Saxon - Layoffs
RFC - Layoffs
Decision One closed 6 regional centers.
Argent consolidated and let 1,000 people go.Currently for Sale (big player)
Ameriquest laid off 3,800 and shut 229 retail branches after announcing a $325 million settlement with state's attorneys general for overcharging borrowers. (owns Argent)
Bank of America Mortgage laid off 225 locally.
Fieldstone Mortgage closed their Las Vegas branch.
Acoustic Home Loans closed its doors due to a sudden increase in repurchases.
WAMU exited their correspondent business. (meaning they stopped buying loans from people who used their own money to fund - in short they only trust their own.)
This means a lot of buyers are gone. Only FHA and VA are available these days for FTHB..
OH WELL>>>
