STUART, FL - Seven more mortgage entities have been laid to rest in the growing mortgage graveyard and thousands of industry professionals are hitting the pavement in search for new jobs.
Global Mortgage, Inc., a national lender based in Clearwater, Florida, shut its doors and announced they were filing for Chapter 7 Bankruptcy.
Macquarie Mortgages USA Inc. announced they were laying off 69 workers in their Jacksonville offices and will no longer be accepting applications for new mortgages. The layoffs will start in early May.
The Washington Savings Bank, headquartered in Bowie, Maryland, announced they were exiting the wholesale business.
New Vision Residential Lending, a division of National Bank of Kansas City, announced they were closing doors in the beginning of April. The company is based in Overland Park, Kansas.
Origen Financial, Inc., based in Southfield, Michigan is halting the operation of Origen's Correspondent Mortgage Group.
CitiMortgage announced they will no longer offer home equity stand alone or combo products.
Bear Stearns was the big talk this week. JPMorgan Chase & Co. announced it is acquiring The Bear Stearns Companies Inc. for approximately $2 per share of Bear Stearns stock. The stock was trading as high as $80 per share last month. After news of the buyout hit the street, the Fed lowered rates in an emergency session.
