Yes, that’s correct. They faxed out notices late today that they would no longer be funding residential mortgage loans. It’s not clear if loans still in their rescission period will fund.
The rumors were flying all today, because they had cancelled some closings. But even their own people didn’t get the word until late in the day.
This is the outfit that cut compensation to their Account Execs by 75% earlier in December.
On edit: This was ranked the 13th subprime lender in 2006; Ownit was 11th.
