Accredited Home Lenders is the newest lender to all but close its doors.
They are laying off 1,600 of their 2,600 workers.
They are closing their retail doors.
They are cutting back wholesale loan products.
In other words, there are enough people left to answer the phones and tell mortgage brokers that they can not do any loan that isn't conforming.
I spoke with a sales rep for a mortgage company about a file. His rates were a little off so I'm taking the loan someplace else. I jokingly said,
"Do me a favor and stay in business. You'll be the only ones left and nobody will care what your rates are!"
"I'm scared. I've already got my resume ready in case we shut our doors," he replied.
Bottom Line: The mortgage business is scary. We're facing a couple of difficult years.
http://biz.yahoo.com/ap/070822/accredited_home_lenders_restructuring.html?.v=2
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