Mortgage Lender Lays Off Nearly 6,000
Friday August 17, 11:22 pm ET
First Magnus Lays Off 99 Percent of Its Nearly 6,000 Workers, Closes More Than 300 Offices
TUCSON, Ariz. (AP) — First Magnus Financial Corp., a national mortgage lender that is suspending operations, says it has laid off 99 percent of its nearly 6,000 employees nationwide and closed all of its more than 300 offices.
First Magnus officials said a bankruptcy filing was possible.
On Thursday, First Magnus announced that it had stopped originating new loans and was suspending operations.
Company officials said the lender was caught in the credit liquidity crunch now causing a meltdown in the mortgage industry, even though First Mangus was not engaged in selling “sub-prime” mortgages that sparked the crisis in recent months.
First Magnus, which calls itself one of the largest privately held mortgage banking operations in the country, funded more than $30 billion in loans in 2006.
The company’s retail outlets include Great Southwest Mortgage and Charter Funding, recently renamed First Magnus Home Loans.
First Magnus (aka Charter Funding in San Diego) blows. I had a loan with them BP (Before Piggington). I now shake my head at some of the fees and the glaring fact that I never should have refi’d in the first place! Luckily – P. has helped me not make the same mistake twice.
Glad they are going – going – gone! Will I ever get over this revulsion I feel for all things mortgage-related or is it a permanent condition?
First Magnus (aka Charter Funding in San Diego) blows. I had a loan with them BP (Before Piggington). I now shake my head at some of the fees and the glaring fact that I never should have refi’d in the first place! Luckily – P. has helped me not make the same mistake twice.
Glad they are going – going – gone! Will I ever get over this revulsion I feel for all things mortgage-related or is it a permanent condition?
First Magnus (aka Charter Funding in San Diego) blows. I had a loan with them BP (Before Piggington). I now shake my head at some of the fees and the glaring fact that I never should have refi’d in the first place! Luckily – P. has helped me not make the same mistake twice.
Glad they are going – going – gone! Will I ever get over this revulsion I feel for all things mortgage-related or is it a permanent condition?
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