Friday, January 19, 2007

Equibanc is no more?



Thanks to Max for the tip. Looks like equibanc is no more. Per their Website :


For Immediate Release

Wachovia recently conducted an intensive strategic review of its mortgage business which has altered the company's approach to the origination of non-conforming loans. As a result, Wachovia has elected to close EquiBanc Mortgage - Wachovia's only business dedicated solely to non-conforming loans.

If you have any questions, please contact your Account Executive.




8 comments:

Anonymous said...

Who the hell is next? This is getting very interesting!

Perfect Storm said...

This is from the bokers outpost.

From the rumblings I have been reading on several web sites, one of the top three/five is next to implode......

Lot's more to come, get your popcorn ready.

Mozo Maz said...

Keep your eye on this Coast Financial Holdings in Bradenton (Ben has article linked). 25% of the loans bad? You think they're gonna stick around to make all those secondary lenders whole? In your dreams.

Perfect Storm said...

Coast Financial is a Bank. That mens A-paper loans. Wow I wonder how much collateral they have. It appears they will have first deed on the land, maybe that is enough.

Merced Going Quickly said...

Crispy,

Start a running list of these closures.

I would like to link to resource like that.

JR said...

Go to this site to see a count down of the imploding sub prime lenders. There are going to be lots of bag holders losing billions of dollars....possibly your pension fund.

http://ml-implode.com/

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