Looks like News10 ABC has picked up on the Ivanhoe Mortgage (Central Pacific Mortgage) story. Thanks to Max and Aaron @ Implode-O-Meter for the tip:
Folsom-Based Mortgage Lender Shuts Down
Folsom-based Central Pacific Mortgage has abruptly shut down operations, telling employees it can't afford to pay them.
A memo to the staff from the president and CEO John Courson on Monday said the company would cease operations immediately.
"We do not have sufficient cash to fund the February 28th payroll. Employees should remove their personal items from the office at the end of the day," Courson wrote.
A recorded telephone announcement Tuesday morning at the company's headquarters on Iron Point Road in Folsom said to call back during normal business hours.
A recent staff directory indicated there were more than 80 people working in Folsom.
The company's Web site said it also operated more than 100 retail and wholesale origination offices in more than 20 states. Central Pacific Mortgage had been in business since 1977.
In an earlier memo to employees, Courson warned of the financial difficulties facing the company because of a rising number of mortgage defaults.In his final memo to his staff on Monday, Courson said "there are no words to express my sorrow. I fully understand the hardships and difficulties this action will create for everyone."