Posted by Laura Upton on 4/2/07 2:06pm
Msg #183384

new century files bankruptcy

http://news.yahoo.com/s/ap/20070402/ap_on_bi_ge/new_century_bankruptcy


thought this might interest a few people. LJ

Reply by Signing_Doc on 4/2/07 2:17pm
Msg #183385

Also SouthStar Funding LLC...the following is a email blast

sent to my spousal unit and others in the business...again FYI.. "Doc"


SouthStar Funding, LLC has ceased its mortgage lending operations effective immediately and is unable to close or fund any loans. The closing agents have been instructed to cancel any pending closings and are not authrorized to close or fund any loans from this point forward. The closing agents have been further instructed to immediately return any funds which have in their trust accounts to the source of the funds, wheteher SouthStar or one of its warehouse lenders.

We appreciate our relationship with you through the years and regret that this decision was necessary due to unprecedented downturn and policy changes in the mortgage industry.

Reply by Nicolle on 4/2/07 3:24pm
Msg #183395

I can contribute the following website to give you the latest on the sub-primers that have gone under and the ones that are rumored to be in trouble...

www.mortgageimplode.com

This may give you some insight as to the status of some of the lenders you deal with. I hope you find it useful.