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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.



3 Head to the Graveyard

Alternative, Concord and Altivus apparent casualties

November 7, 2007

By PATRICK CROWLEY


photo of Patrick Crowley

Three recent subprime casualties include companies based in Arizona, California and New Jersey.

For weeks, Alternative Financing Corp. of Northern California has had a message posted on its Web site telling customers it has exited the wholesale business.

"Due to market conditions Alternative Financing Corp. will be discontinuing its wholesale operation ... and will focus on its retail business channel," the company said.

But listed phone numbers for the company go unanswered or are no longer in operation and several e-mails sent to the company have bounced back to MortgageDaily.com without being received or opened.

According to AllMortgageDetail.com, the company grew its loan production from to 2,779 loans totaling $684.4 million in 2005.

Also apparently out of business is Concord Mortgage Co. of Scottsdale, Ariz., which is not affiliated with Concord Mortgage of Melville, N.Y.

Concord closed $653 million in loans in 2005, AllMortgageDetail.com is reporting.

A woman at a Sedona, Ariz., mortgage brokerage who did not want to be identified said Concord went out of business earlier this year. Phone numbers and Web sites listed for the company are no longer operating.

It is not clear how many workers Concord employed when it closed. The company had advertised as the "largest independently owned mortgage company in Arizona."

In July, Concord canceled its Nevada license. Also in July the California Commissioner of Corporations issued an order indicating that Concord had allowed its bonding requirements to expire and therefore could no longer conduct business in the state.

Altivus Financial of East Hoover, N.J., has also shut down. As with the other companies, phone numbers and Web sites for the company can not be reached or accessed.

According to Barrier Advisors, a Texas-based management consulting firm that is following the collapse of the subprime market, both Altivus and Alternative Funding have closed.

Altivus had between 50 and 200 employees, according to a resume a former company executive posted online.

The company had billed itself as a "subprime, no doc" lender.


Patrick Crowley is a feature journalist and blogger for MortgageDaily.com. He is also a reporter, blogger and columnist for The Cincinnati Enquirer.
e-mail Patrick at: [email protected]

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.


Nonprime and Subprime News | Subprime Statistics
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hard money lending. Home-equity loans and home-equity lines of credit.


Wholesale Lending News | Directory | P r i cing Engine | Originator Newsletter
News about wholesale lenders, correspondent lenders and wholesale mortgage lending programs. Alt-A, subprime and other niche loan programs. Lawsuits between wholesalers and brokers.



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