Friday, February 02, 2007

Confirmation

As posted posted here on on January 31, 2007, Concorde Acceptance has closed. We now have confirmation from Housing Wire :

Housing Wire has learned that Dallas-based Concorde Acceptance Corporation, a subprime mortgage banking operation, has stopped funding new loans. The company will shut its doors after funding the loans currently in its pipeline, according to an industry source
.
Concorde Acceptance operated in 28 states, and was formed in 1997 by the Crown Group, a now-defunct holding company. The lender was originally funded through an exclusive warehouse credit agreement with Banc One Capital Corporation, according to records obtained by Housing Wire.

The Crown Group sold its stake in Corcorde to senior management at the lender in 2002 for $5.1 million, and CEO Gilbert Barteau –one of the key executives involved in the purchase — has kept the company privately funded since that time.

2 comments:

Darth Toll said...

Hey Crispy don't know if you saw this but looks like WMC is having some trouble:

http://articles.moneycentral.msn.com/Investing/ContrarianChronicles/HowHousingMaskedAWeakEconomy.aspx

Darth Toll said...

sorry too long:

http://tinyurl.com/35n4dw