ALL PHOENIX REAL ESTATE

Posted on August 22nd, 2007 by Jonathan Dalton

Here’s a quick tour of today’s mortgage headlines …

From CNN/Money:

Lehman Brothers Holdings Wednesday said it is shutting down subprime mortgage unit BNC Mortgage Corp., affecting the jobs of 1,200 employees in 23 cities and resulting in a $52 million hit to earnings

Lehman is going to continue originating loans through Aurora Loan Services LLC.

Also from CNN/Money:

Accredited Home Lenders said Wednesday it has stopped taking loan applications and will cut 1,600 jobs, citing turmoil in the subprime mortgage industry

From the Blown Mortgage blog, 1st National Bank of Arizona suspended wholesale operations effective yesterday. You can see the notice to employees here.

And for something completely different, Western National Bank has started a residential mortgage bailout program for homebuyers whose programs/loan companies have fallen by the way side of late.

(DISCLOSURE NOTE: My wife works in WNB’s commercial lending division. Given the conflict, I want it clear I make no judgments, promises or guarantees about the program.)

Chris Butterworth has more details on WNB’s program, with help from the Republic.

[tags]real estate financing, mortgages, Phoenix real estate[/tags]

Categories: Phoenix Market, Real Estate Financing