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A List of Recent Mortgage Closures, Mergers and Layoffs

http://www.thetruthaboutmortgage.com/a-list-of-recent-mortgage-closures-mergers-and-layoffs/

List last updated on November 9, 2007

Latest updates:

NovaStar servicing layoffs affect roughly 275 employees
Delta Financial Corp. layoffs
E-Loan layoffs
HSBC halts trading of mortgage-backed securities in U.S., 120 layoffs
WCI Communities to cut 575 jobs
Edgewater Lending Group halts wholesale lending
Home Loan Center Inc./Lending Tree laying off 174 employees
BMC Capital to acquire NMB Capital
ResMae Mortgage Corp. halts loan origination, over 150 jobs losses expected
Beazer Homes cuts 25% of staff
AMC Lending ceases wholesale lending
WMC Mortgage laid off 440 employees
Wells Fargo layoffs in home equity division

*Latest rumors:

First Franklin layoffs and branch consolidation
Irwin Financial layoffs expected
ALT Funding believed to have ceased operations
PHH Mortgage laid off 300 employees from NJ and FL offices
Weichert Financial 70+ operations staff laid off
MortgageIT layoffs and branch closures
CBA Commercial rumored to have had sizable layoffs
Countrywide correspondent and wholesale divisions may be winding down


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Aames Investment Corp – acquired by Accredited Home Lenders
ABN Amro Mortgage – 1700 layoffs
Aegis Funding – closed, seeking bankruptcy protection
Accredited Home – shut down retail lending, ceased wholesale, Lone Star lawsuit
Accredited Home – agreed to Lone Star buyout
ACC Capital Holdings – mass layoffs, closed Ameriquest, sold wholesale to Citigroup
Acoustic Home Loans – closed subprime wholesale lender
ACT Mortgage Capital – suspended all submissions/fundings until further notice
Advent Mortgage – merged with New Equity Mortgage
Alliance Bancorp – closed, filed for Ch. 7 bankruptcy
All Fund Mortgage – rumored to be closed, acquired by Carlile Investments Inc.
Allstate Home Loans – shut down after buyout
Alterna Mortgage – New Jersey wholesale lender closed
Alternative Financing Corp. – wholesale division closed
Altivus Financial – closed wholesale operations, now believed to be shut down
AMC Mortgage – acquired by Transnational Financial Network Inc.
American Brokers Conduit – shut down all operations
American Business Financial Services – closed
American Equity Mortgage – closing 6 of 30 offices, laying off 40 employees
American Home Mortgage – closed
American Mortgage Network – bought by Wachovia
Ameriquest – closed, laid off 3,800, shut 229 retail branches after $325 million settlement
Ameritrust Mortgage Company – subprime wholesale division closed
AmPro Mortgage closed – (part of Alliance Bancorp)
Amstar Mortgage Corp. – most staff laid off, The Money Store to take over by Dec. 15
Anworth Mortgage Asset Corp. – its Belvedere subsidiary is in default and faces margin calls
Apex Financial Group/Aapex Mortgage – commission checks delayed, licenses suspended
Apex Mortgage/Aapex Mortgage – reportedly cease all opertions
APS Mortgages Limited (UK) – independent brokerage shutting downn
Argent – sold to Citigroup
Aurora Loan Services – 160 employees laid off
Axix Mortgage – closed
Bank of America – Countrywide merger possibility, continued layoffs
Bank of America – cutting 3,000 jobs in investment banking unit
Bank of America – to cease wholesale lending, 700 layoffs
Barclays Bank PLC – bought Equifirst
Basis Yield – Australian hedge fund files for bankruptcy due to subprime woes
Bay Capital Corp. – closed
BB&T – bought Collateral Real Estate Capital
BC Bancorp – shut down
Bear Stearns – layoffs
Bear Stearns – closed two hedge funds after huge subprime losses, 240 subprime layoffs
Bear Stearns – merging Encore Credit and Bear Stearns Residential Mortgage into one unit
Beazer Homes – closed office, layoffs, subpoenaed for fraud
Belvedere Trust Mortgage – two default notices, unlikely to pay back loans
Blackstone Group – buying PHH Mortgage
BNC Mortgage LLC – shut down – consolidated with Aurora Loan Services layoffs
BNC Mortgage – cut 175 jobs in Nor. Cal, 400 in So. Cal
Broad Street Mortgage – sold to Wausau Mortgage Corp.
BrokerSource – ceased operations
BSM Financial – closed wholesale unit BrokerSource
c2 Financial (UK lender) – to lay off roughly 20 percent of workforce
C & G Financial – suspended funding/production
C-BASS – acquired Fieldstone Investment Group, struggling with margin calls
California TD Investments LLC – filed for bankruptcy
Calusa Investments – website down, thought to be closed
Capital One Mortgage – 2,000 layoffs planned nationwide
Capital Six Funding – subprime and hard money lender suspended operations
Carlile Investments Inc. – acquired All Fund Mortgage
Castle Point Mortgage – will no longer accept wholesale broker applications
Centex Home Equity – changed its name to Nationstar Mortgage
Central Pacific Mortgage – closed, TMSF cancels deal to acquire company
CFIC Home Mortgage – closing down
Chapel Funding – bought by Deutsche Bank
Charter Funding – believed to be closed by parent First Magnus Financial
Chase Home Finance – closed retail subprime operations center in Woodcliff, NJ
Chase Home Finance – shut 430-employee branch in Lexington, KY
Chevy Chase – cut correspondent channel, facing class-action lawsuit
Choice Capital Funding – rumored to be closed
CIT Group Inc. – shut down mortgage division 500+ layoffs
Citadel – buying ResMAE
Citigroup – bought ABN AMRO Mortgage Group, acquired assets of Argent Mortgage
Citigroup – mortgage layoffs reported
Citi correspondent lending – cut second mortgages
Clear Choice Financial – in default, Bankruptcy possible
CMXL – acquired All Fund
Collateral Real Estate Capital – acquired by BB&T
Colony Mortgage Corp. – closed
Columbia Home Loans – subprime lender closed
ComUnity Lending – halted operations
Concord Mortgage Co. – believed to be out of business
Concorde Acceptance – rumored to be closed
CoreStar Financial Group – closed
Countrywide – believed to have shut 46 Full Spectrum Lending branches
Countrywide Correspondent Lending Division – cut 293 jobs
Countrywide Capital Market Division – cut 65 jobs
Countrywide – layoffs in subprime , may be bought out by Bank of America
Countrywide cutting up to 12,000 jobs, more about the Countrywide layoffs
Credit Suisse – layoffs, bought LIME Financial
Dana Capital – closed
DB Home Lending – consolidated with MortgageIT, layoffs, rumored to be closed
DeepGreen Financial - closed
Decision One – shut down, layoffs
Delta Financial Corp – closed offices, 300 layoffs
Deutsche Bank Correspondent Lending Group – consolidating business to MortgageIT
Diablo Funding Group – shut down
Ditech – 181 layoffs
Ditech.com – cut 120 jobs at Costa Mesa, CA headquarters
Dollar Mortgage Corp. – being acquired by Shearson Financial Network
Domestic Bank – shutting down wholesale unit
E-loan – closed sub-prime wholesale division, layoffs
E-Trade exits wholesale mortgage business
Edgewater Lending Group – halts wholesale lending
Encore Bank – laid off 300 employees
ECC Capital/Encore Credit – sold to Bear Stearns, 100 layoffs announced Aug. 17
Encore Credit merging with Bear Stearns Residential Mortgage
Entrust Mortgage – closed
Equibanc – closed by Wachovia
Equifirst – layoffs, bought out by Barclays Bank PLC
Exchange Financial – temporarily discontinuing its Wholesale/Correspondent business
Expanded Mortgage Credit – closed wholesale
Express Capital Lending – not accepting new submissions until further notice
Fannie Mae – 200 layoffs
FBR – selling subprime unit
Fidelity Trust Bank – selling residential mortgage company Fidelity Trust Mortgage Inc.
Fieldstone Mortgage Co. – halted new business, closed Las Vegas branch, layoffs
Fifth Third Bancorp – 700 layoffs
Finance America – closed
First American Corp. (title insurer) – layoffs at 1,900
FirstBank – to shut down wholesale mortgage division Oct. 31
First Community Bancorp – layoffs
First Consolidated Mortgage Co. – subprime wholesaler shutting down, in dispute
First Franklin Financial – layoffs, sold to Merrill Lynch
First Franklin – firings/layoffs rumored
First Horizon – cutting 1,500 jobs, closing 50 offices
First Horizon National Corp. – divested its subprime mortgage loan portfolio
First Indiana Wholesale – closed wholesale consumer lending operations
First Magnus – no longer funding or originating any mortgage loans
First NLC Financial Services LLC – 645 layoffs
First Mariner Bancorp – closed its wholesale mortgage lending unit
First Source Funding Group – closed
First Street Financial – closed
Flexpoint Funding – reportedly closed wholesale division, now completely shut down
Flick Mortgage – closed
FMF Capital LLC – closed
FNBA – wholesale division and correspondent line shut down, 541 layoffs
Freestand Financial – closed
Fremont General – exited secondary sub-prime market, layoffs
Frost Mortgage – partnered with First Houston
Foxtons, Inc. – filed Chapter 11 bankruptcy
FundingAmerica – not accepting any new business
General Electric – buying PHH Corporation
Genworth Financial – acquired Liberty Reverse Mortgage
GMAC Residential Funding (Canada) – suspended subprime mortgage origination
GMAC-RFC – close High Street Home Loans, subprime subsidiary (UK), 200 layoffs
Golden Empire Mortgage – closed wholesale division GEM Capital Funding
Golden State TD Investments LLC – filed for bankruptcy
Goldman Sachs – may purchase Litton Loan Servicing
Greater Buffalo Savings Bank – halted residential mortgage lending, closed unit
Great Southwest Mortgage – believed to be closed by parent First Magnus Financial
Greenpoint Mortgage – closed, 1900 employees laid off, 31 branches closed
Group One Lending shut down
Guaranty Residential – layoffs
Guardian Loan Co. – shut down
H&R Block Mortgage Corp. – 353 layoffs
Harbourton Mortgage Investment Corporation (HMIC) – closed
Heartland Mortgage Co. – bought Merrlin Mortgage Corp.
Heartwell Mortgage – closed
Heritage Plaza Mortgage – closed
HMIC – closed
Home 123 Mortgage – closed
HomeBanc Mortgage Corp. – layoffs, filed bankruptcy, sold branches to Countrywide
Home Capital Inc. – closes
Homecomings Financial – laid off 284, including 207 AEs
Home Equity of America – layoffs
Homefield Financial – closed
Homeland Capital Group – subprime wholesaler closed
Home Loan Center Inc. / Lending Tree – hundreds of layoffs
Home Loan Corp. – closed Expanded Mortgage Credit subsidiary
Home Loan Specialists Inc. (HLS) – closed its doors
Homestead Mortgage – will close its wholesale division
Homeview Lending Inc. – layoffs, now appears to be closed
Honor State Bank – closed wholesale lending department
Housevalues Inc. – laid off 160 workers, closed Yakima call center, shut mortgage lead biz
HSBC Holdings PLC – closing mortgage office, 600 layoffs
HSBC Mortgage Services (Correspondent division) – closed, layoffs
HSBC Financial Corp. Ltd. (Canada) closing 30 branches, 300 potential layoffs
HSBC – shuts down Decision One
HSBC Financial Corp. Ltd. (Canada) closing 30 branches, 300 potential layoffs
Huntington Financial – to be acquired by Oxford Funding
Igate Global Solutions (India) – redeploying roughly 150 employees into other services
IKB Industriebank (Germany) – losses near $1bn as a result of subprime exposure in US
Impac – stops Alt-A lending, 144 laid off
Impac Mortgage Holdings – 350 recent layoffs, halted Alt-A loan production
Indymac – bought retail arm of New York Mortgage Trust, Indymac layoffs
Innovative Mortgage Capital – closed
Investaid Corp. – suspended operations indefinitely
Irwin Home Equity – layoffs
Ivanhoe Mortgage – closed
JP Morgan – layoffs reported in loan structuring group, CMBS group , and UW group
KBC Bank NV (Belgium) – buying Vertical Lend
Kensington Mortgages (UK) – temporarily withdrawing from the mortgage market
Kensington Mortgages (UK) – cut 20 percent of staff
Kirkwood Financial Corp. – suspended wholesale originations
KKR Financial Holdings –no longer intends to invest in residential real estate
Lancaster Mortgage Bankers – closed
LandAmerica Financial Group Inc. – will cut 1,100 jobs (title company)
Landesbank Sachsen Girozentrale (Germany) – sold to Landesbank Baden-Württemberg
Lehman Brothers cut 850 jobs
Lender’s Direct Capital Corporation – closed wholesale lending operations
Lending group Inc. – suspended operations
Lending Tree – 20% of workforce laid off (fresh ones on Aug. 17)
Lennar Corp. – over 4,000 layoffs at big Miami home builder
Lexington Lending halts wholesale operations
Levitt Corp. (homebuilders) – laid off a third of staff
Liberty American Mortgage – halted wholesale lending
LIME Financial Services, Ltd – sold to Credit Suisse, downsized from 450 to 225
Loancity – closed 7 branches, shut down
Loans 123 – no longer taking anymore business
Lone Star – facing lawsuit over purchase of Accredited Home Lenders
Long Beach Mortgage Co. (WAMU) – winding down operations
Long Mortgage – lost financing, parent First Magnus trying to dissolve unit
LowerMyPayment.com – closed, mortgage lead company
Lownhome Financial – closed
Luminent– layoffs, two default notices, selling equity stake to Arco Capital Corp.
Mandalay Mortgage – closed
Maribella Mortgage – closed
Market Street Mortgage – layoffs
Market Street Mortgage – to be broken up and sold in pieces, 53 layoffs
Master Financial – layoffs, ceased wholesale production
Mercantile Mortgage – ceased operations
Meridias Capital – layoffs, rumors of employees not being paid
Meritage Mortgage – closed, staff employed by LIME Financial
Merrill Lynch – bought First Franklin
Merrlin Mortgage Corp. – acquired by Heartland Mortgage Co.
Metrocities Mortgage – dissolved No Red Tape Mortgage, layoffs, latest on Sep. 14, 07
MCAP Financial (Canada) – suspended subprime lending through its Eclipse division
MGIC – bought rival mortgage insurance provider Radian Group (pending)
Miami Valley Bank – shut down by the FDIC
Morgan Stanley – to lay off 300 employees in securities division
Mortgage Investors Group (MIG) – closed wholesale division
Mortgage Investment Lending Associates (MILA) – subprime wholesale closed
Millenium Bankshares – closed mortgage division
Millenium Funding Group – closed
MLSG – halted lending operation
Monarch Bank – buying mortgage-related assets from Resource Bank
Morgan Stanley – bought Saxon Mortgage
Morgan Stanley cuts 600 mortgage jobs
Mortgage Investment Lending Associates – closed
MortgageIT – consolidated with DB Home Lending, rumored to be offering agency loans only
Mortgage Network Inc. – acquired Partners Group Unlimited
Mortgage Lenders Network – stopped residential loan production
MortgageTree Lending – closed, website down
Mylor Financial – closed
National City – exits correspondent lending business
National City – laid off 1,300, National City branch closures and layoffs
National Home Equity – consolidated by National City Corp., suspended originations, layoffs
Nationpoint – a subsidiary of Merill Lynch laid off 60 people on August 15, 2007, more expected
Nation One Mortgage Co. Inc. – wholesale lender stopped origination and funding of mortgages
Nationstar – acquired Champion Mortgage, closed multiple offices, incl. Denver office Sept. 10
Nationstar – halts wholesale lending
NetBank – shut down by FDIC due to excessive mortgage defaults
Netbank Funding – closed
New England Merchants Corp. – receives cease and desist order
New Century – filed bankruptcy
New Equity Mortgage – merged with Advent Mortgage
New State Mortgage Company – ceased wholesale lending operations
Nomura Securities – closed its nonconforming mortgage conduit and laid off staff
Nomura Holdings – to shut mortgage-backed securities business, 1300 job cuts
No Red Tape Mortgage – dissolved by Metrocities, now offering hard money and bridge loans
Northern Rock (UK) – seeks Bank of England bailout, issued profit warning
Novastar – closed wholesale unit, facing potentially huge lawsuit, laying off 37% of workforce
Novastar – cutting 275 jobs, closing 12 retail origination offices
Novastar – job cuts expected from sale of servicing unit
Novelle Financial – said to have ceased operations
NVR Mortgage Finance (builder) – restricted from offering Alt-A, subprime and piggyback loans
Oakmont Mortgage – closed
Oak Street Mortgage – closed, files bankruptcy
Opteum – closed conduit and wholesale operations
Optima Funding – reported to have ceased operations
Option One – buyout in jeopardy
Option One – layoffs, pending sale to Cerberus Capital Management LP
Option One – cut 50 jobs in Bay Area
Own It Mortgage – closed
Oxford Funding – acquiring Huntington Financial
Pacific American Mortgage (PAMCO) – no new submissions, halted operations
Paragon Home Lending – said to be shut down
Paragon Mortgages (UK) – laid off 62 Mortgage Trust staff
Partners Group Unlimited – bought out by Mortgage Network Inc.
Paul Financial LLC – cut 57 jobs
People’s Choice Financial Corp. – bankrupt
People’s Mortgage – closed
PHH Mortgage – laid off 140 in Providence, 300 more from NJ and FL offices
Pinnacle Direct Funding Corp – merged with Tri-Star Lending
Pinnacle Financial Corp. – acquired by Impac Mortgage Holdings
Popular Financial Holdings – exited the wholesale sub-prime mortgage market
Portellus, Inc. (software) – winding down mortgage division, selling mortgage assets
Premier Mortgage Funding, Inc – filed for bankruptcy
Premium Funding Corp. – closed
Principal Mortgage Fund, Inc. – to buy Fair Home Lending Financial, Inc.
Priority Funding Mortgage Bankers – believed to have ceased operations
Property Finance Group (New Zealand) – halted trading amid liquidity concerns
Prospect Mortgage Co. LLC – buying Fidelity Trust Mortgage Inc.
Pulte Homes – 2,000 layoffs
Quality Home Loans – filed for bankruptcy, sold to hedge fund manager Michael Klein
Quick Loan Funding – layoffs, now reported closed
Quicken Loans Inc. – suspended new hiring
QuoteMeARate.com Inc. – closed
QHL Holdings Fund Ten LLC – filed for bankruptcy
RAMS Home Loans (Australia) – warned of profit losses after only two weeks on stock market
Regions Financial Corp. – closed warehouse lending unit
ResCap – layoffs
Residential Capital LLC – cutting roughly 1,000 jobs (GMAC company)
ResMae Mortgage Corp. – layoffs, bankrupt/for sale, closing Dallas facility
ResMae Mortgage Corp. – halted loan submission, cut over 100 jobs
Resource Bank – selling mortgage-related assets to Monarch Bank
Right Away Mortgage – closed
RFC – layoffs
Rose Mortgage Corp. – closed
Santa Cruz Mortgage – suspended operations indefinitely
Saxon – layoffs, closed correspondent unit
SCME – ceases wholesale operations
SCME Mortgage Bankers Inc. – layoffs, branch closures
Scottish RE – large subprime exposure drops stock into dangerzone
Sea Breeze Financial Services, Inc. – Irvine, CA lender apparently closed
Sebring Capital Partners – closed
Secured Bankers Mortgage Company – rumored to have closed 4 branches
Secured Funding – closed
Shearson Financial Network – to acquire Dollar Mortgage Corp. (fell through)
Sierra Pacific Mortgage – closed several branches
Silver State Mortgage – closed
Solutions Funding – closed
Southern Star Mortgage – cut wholesale lending
Southstar Funding – closed
Sovereign Bancorp – greatly reduced wholesale operations
Spectrum Financial Group – files bankruptcy
Starpointe Mortgage – closed
Steward Financial – closed
Stone Creek Funding – closed
SouthStar Funding – closed
Summit Financial Group Inc. – closed residential mortgage unit
Summit Mortgage Co. – to close
Sunset Direct Lending – closed
The Lending Connection – believed to have laid off staff and ceased operations
The Money Store – will take over Amstar Mortgage branches
The Mortgage Store Financial Inc. – rumored to have ceased lending, laid off most of staff
The Mortgage Warehouse – closed
Thornburg Mortgage – 5 downgrades, selling assets, denied BK, facing Wachovia lawsuit
TransLand Financial Services – facing involuntary Ch. 11 bankruptcy petition, layoffs
Transnational Financial Network – suspended wholesale lending operations
Tri-Star Lending Group – acquired by Impac Mortgage Holdings
Trojan Lending – ceased wholesale production
Trump Mortgage – closed
Universal American Mortgage Co. – shut down its processing center, 57 layoffs
Unlimited Loan Resources – closed
Upland Mortgage – filed Chapter 11 bankruptcy
Valley Vista Mortgage – shut down all operations
Velocity Commercial Capital, LLC – layoffs reported, still breaking
Vertice (Wachovia unit) – undisclosed number of job cuts in third quarter of 2007
Victoria Mortgage Funding – closed (UK subprime lender)
Virtual Bank Mortgage – now Lydian Mortgage
Vision Development Group of Broward County LLC (condo developer) – Ch. 11 bankruptcy
Wachovia – closed Equibanc, 115 layoffs in bay area
Wachovia Corp. – to cut 200 positions in corporate and investment banking unit
Warehouse USA – closed
Washington Mutual laying off 50 in Capital Markets
Washington Mutual – layoffs, exited warehouse/correspondent market
Washington Mutual – layoffs as high as 1,000, closing 3 fulfillment centers
Washtenaw Mortgage Company – closed
Wells Fargo Alternative Lending Wholesale – closed, layoffs nationwide
Wells Fargo Home And Consumer Finance Group – layoffs
WestWorks Mortgage – closed
Winstar Mortgage – ceased operations
WMC – GE’s subprime unit cut 460 jobs, reported closed and for sale
WMC Mortgage – layoffs
WNS (India outsourcing) – redeploying employees due to mortgage shakeup
World Savings – sold to Wachovia
WSB Financial Group Inc. – cutting 33 mortgage jobs
XBancorp – closed wholesale
Xceed Mortgage Corp. (Canada) – issued profit warning, halted dividend