Homeland Capital Group Goes Kaput!

Just in..............................

Effective immediately, we will no longer accept Wholesale submissions for approval. It has truly become impossible for us to compete in the current environment with the consistency that we, as well as our brokers, are accustom to and deserve.
Therefore, we will accept any legitimate prior approvals in the form of final packages between now and the 15th of May. Those, and any current files pending, must have stips cleared and close by the 22nd of May.
Regards,
Bob Garrison Executive Vice President First Greensboro Home Equity, Inc.

New Century Is Finally Gone For Good!

I just received this email from a former AE from New Century.

Some of you may or may not have heard the news yet. Unfortunately as much as this is a shock to myself and everyone at our company its a sad reality of the state of the sub prime industry today. The abridged article is below.

Subprime mortgage lender New Century Financial Corp., failed to receive any bidsfor its mortgage loan origination business, forcing it to shut down the unit and lay off around 2,000 employees.

The company, which has been preparing to sell off its assets underChapter 11 bankruptcy protection since last month, notified employees during aconference call that they would be laid off effective Friday.

New Century President and Chief Executive Brad A. Morricesaid despite a number of potential buyers for its wholesale and consumer-directoperations, "none of those potential deals have come to pass."

I have been planning on a worse case scenario for some time. As many of you know, I was one of the top Account Executives for New Century so I have had many recruiters and managers interested in bringing me over to work for their perspective company. Although at this time I am finalizing negotiations with a few select companies I have chosen, I have yet to reach a decision as to what company will best suit myself and all of you, my valued clients and friends. I expect that given the recent turn of events my decision will soon be hastened and I will finalize something in the short term.

Some of you may or may not have relationships with these existing lenders. If you do have an existing relationship with the particular lender I go to, it will be up to you to decide who you think will best be able to service your needs. I will be having those conversations with you one on one once my decision and negotiations have been reached with the perspective company.

Effective at the end of today, this email will be shut down and I will only be reachable via cell phone or the alternate email below.

The subprime fallout continues.....................

Dana Capital is Closed For Good!

There has been rumors that Dana Capital was going under. This was confirmed as of Monday.

I personally went in to their office today to pick up a check for a file they´ve been holding funds on since mid Jan. The following text was posted on their door. I´ll be able to get the picture off my cell phone later and post a link:
"Dana Capital has chosen to wind down its activities through dissolution under State Law. Dana Capital will not be filing a bankruptcy -- but rather will orderly liquidate its assets. You should receive notice of such and a status report within the next couple of weeks via email."
Posted on the door of 8002 Irvine Center Drive, Ste. 1200, Irvine, CA the headquarters of Dana Capital Group at least as of 4/30/07.

Nation One Mortgage Shuts Down

Hot off the press..................


Dear Broker;

Effective immediately, Nation One Mortgage Company, Inc. is ceasing the origination of all mortgage loans. No new loan submissions are being accepted at this time. If you have received this message, our records indicate that you do not have any loans that are currently in an approved and locked status. We have appreciated the opportunity to serve you and your customers. Call 1-800-624-6662 to confirm.

First Consolidated Exits Subprime Biz

The fallout continues. Just in....

First Consolidated Mortgage is no longer closing or accepting submissions for wholesale subprime loans.

Crevecor Goes Under

Just in.....

Crevecor mortgage is gone but a rumor has started that the company is renaming itself Heartland Funding/Mortgage. Keep you posted.

Millennium Funding Group Folds

Just in......

Due to the current market conditions in our industry, Millennium Funding Group has elected to discontinue origination of residential mortgage loans. Effective immediately , we will no longer accept new mortgage loan applications, or issue approvals on new loans. However, in order to accomodate our borrowers, and our mortgage broker partners, we will continue to fund loans on which we have sent closing documents out through May 11, 2007.

To best serve your customers, we request that you place loans currently in the pipeline on which we have not sent closing documents to other lenders.

We regret having to take this action at this time and are hopeful we can partner with you again sometime in the near future.

If you have any question please call 360-433-6260.
Thank you for your understanding.