News from Lenders Direct Capital Corp Website :
Lenders Direct Capital Corporation Announces Layoffs, Closure of Wholesale Lending Operations
Lake Forest, California based nonprime mortgage company Lenders Direct Capital announces the closure of wholesale lending operations.
CEO Michael McQuiggan cited the lack of investor demand for their loan products and the current state of the US nonprime lending industry as factors in reaching the decision to cease wholesale originations effective immediately.
Thanks to Brokers Outpost for the lead.