Wednesday, January 31, 2007

DeepGreen Financial - GONE!




According to National Mortgage News DeepGreen is DONE :


Second-lien originator DeepGreen Financial, Cleveland, has gone out of business, according to officials close to the situation.



From their website (which no longer works) I found the following cached from Google:

Life is full of expenses...
A
home equity line of credit or home equity loan from DeepGreen Financial is a great way to pay for education, home improvement and life’s other big expenses like a new car or wedding. And, because the interest you pay may be tax-deductible2, it’s ideal for debt consolidation and often a better choice than a credit card
Housing Wire has learned that Cleveland-based Deep Green Financial Inc., an online home equity lender, has shut its doors.

The company was founded in 2000 and originated more than $5 billion in home equity line facilities to more than 65,000 customers in 47 states. In 2004, DeepGreen received the Inman Innovator Award in the Mortgage Technology category, recognizing the company for its technology platform.

The company provided consumer direct lending services through its website and through partners such as LendingTree, Priceline and Costco.

In 2004, DeepGreen was acquired by Lightyear Capital, a private equity investment firm based in New York City that invests in financial services businesses and other selected industries. The firm manages $2 billion in assets, including The Lightyear Fund, a $750-million private equity fund.

15 comments:

SLO Bear said...

Crispy,

Is there anyway you can either publish a list or keep a running tab of all of the sub-primes that are belly-up and the date of their demise?

It would make a good reference tool.

Thanks,

SLO Bear

Bakersfield Bubble said...

Someone already has a list - see my links on the left hand side "Lender Implode".

Thanks.

SLO Bear said...

Thanks - keep up the great work!

Mozo Maz said...

Buyers are not showing much confidence in the Y2007 subprime debt now. Check out Coupon ID "0A08AOAC1" - it hit a new low of 92.36 today.

Then check out the graph for Y2006 subprime "0A08AOAB3" which is at 87.98

Ugly, ugly.

http://www.markit.com/information/affiliations/abx

Bakersfield Bubble said...

MOZO-

Thanks for the update!

incessant_din said...

Good riddance. We dealt with them briefly in an estate situation. Dicks.

But we didn't sink them. They got paid. Then again, paying early probably scares them more, given this bizarro finance world.

Anonymous said...

A couple of points of clarification:
1. DeepGreen Financial was not a sub-prime lender, bit rather a "super-prime" home equity lender
2. There seems to be a direct correlation to a decline in loan production when the company was sold by Third Federal to a private equity firm Light Year Capital in ~2004
3. Soon after that transaction the original CEO, Jerry Selitto was replace by Sy Naqvi
4. http://tinyurl.com/2jlbqy
Interesting, huh?

Bakersfield Bubble said...

Anon-

Thanks for the information, and yes very interesting!

Anonymous said...

A couple additional comments. When Sy Naqvi came on board, he replaced all of the original upper mgt with his cronies. Then he rapidly drove the company to oblivion, downsizing half the staff in July and closing doors by year end. Now he is president at Harley Davidson. No justice.

Anonymous said...

does anyone know who is now servicing deep green's loans?

Anonymous said...

All of the loans were sold to Wachovia by the end of December 2007. Sy Naqvi hired his cronies to run the company into the ground and had the final few employees working the basement of the building with the servers in Cleveland while he worked from home in Chicago. He walked in a millionaire, tried to turn the copany into a brick and mortar bank having absolutley no idea what to do with the revolutionary technology that was created there and then walked out a millionaire while the shoulders he stood on struggled to find work in this economy.

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Anonymous said...

Does anyone know who picked up their servicing? I have a client that paid them off but never got a mortgage discharge.

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