Accredited Home Lenders Shutting Down Retail Operations
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It looks like Accredited Home Lenders could not survive and will stop funding loans moving forward in an attempt to save the remnants of their wholesales business. Just last week they were trying to force Lone Star Fund to complete the purchase of the company, now they are running into the wall so many lending institutions have run into.
Accredited Home Lenders said it will cut its work force to 1,000 people — from 2,600 at the end of June — and close 65 branches. The company will immediately stop accepting applications for home loans in the U.S., though it will honor the loans it has already committed to finance.
The company will close its retail lending business, which issues home loans directly to consumers. Accredited is also scaling back much of its wholesale lending division, which issues mortgages through brokers. The company will close five of its 10 brokered loan offices and lay off about three-fifths of the unit’s workers. via Yahoo! Finance
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