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The Mortgage Graveyard 2006 Archives
Failed, Struggling and Acquired Mortgage-Related Companies

Non-Bank Closures 23
Bank Failures (FDIC) 0
Credit Union Failures (NCUA) 9
Total Mortgage-Related Failures
32


Deceased

Acquired
2006
Full year count: 32

Acoustic Home Loans LLC

Anchor Mortgage Corp.

Aegis Mortgage Corp. (correspondent ops)

Alliance Home Funding LLC

American Mortgage Network (subprime ops)

California Plan Inc.

Capital Alliance Funding Corp.

Credit Union Group

Fieldstone Investment Corp. (conforming ops)

Greater Atlantic Mortgage Corp.

Greater Harrisburg Community Credit Union

Gulfport CBC Credit Union

Harbourton Mortgage Investment Corp.

La Casa Federal Credit Union

Lender Network 1-2-3 (leads)

Merit Financial

Meritage Mortgage

Mt. Hebron Baptist Federal Credit Union

Ownit Mortgage Solutions

Potter's House Federal Credit Union

Private Capital LLC

QuoteMeARate.com

Radius Capital Corp.

Resource Capital Corp. (residential ops)

Sebring Capital Partners LP

Sovereign Bancorp (correspondent ops)

St. Charles Borromeo Church Federal Credit Union

Synergy Mortgage

Union Pacific Streamliner Federal Credit Union

USA Commercial Mortgage Co.

Yankton Employees Federal Credit Union

2006
Full year count: 24

Aames Investment Corp.

Access Lending Corp.

Aclarian Mortgage

Allstate Funding

Allstate Home Loans Inc.

Baytree Lending Co.

Broad Street Co.

California Reverse Mortgage Co.

Centex Home Equity

CRIIMI MAE Inc.

First Franklin

Gateway Mortgage Bankers

Golf Savings Bank

GreenPoint Mortgage

Irwin Financial Corp. (mortgage ops)

Myers Internet Inc.

North Fork Bancorp Inc.

Oak Street Mortgage LLC

Saxon Capital Inc.

Shearson Home Loans Inc.

Solstice Capital

Southwest Community Bancorp

Waterfield Financial Corp.

World Savings


Mortgage Meltdown Leaves Failed & Bankrupt Lenders in Wake


The latest subprime meltdown has left many mortgage lenders out of business.

In addition, several mortgage bankers have filed for bankruptcy or been acquired.

The implosion from this subprime storm (more like a subprime tsunami) has resulted in many failed mortgage companies.

The Mortgage Graveyard focuses on mortgage lenders that have failed, been acquired or are currently struggling.

The new journal is supported by nearly a decade of mortgage industry news archives written by a variety of reporters for MortgageDaily.com, the dominant source of online news for the mortgage industry.

"We've seen the secondary market for subprime mortgages disintegrate over the past six months -- leading to an unprecedented number of company failures," said Sam Garcia, creator of The Mortgage Graveyard. "Information about the companies -- and the lessons to be learned from their failures -- is now easily accessible for analysis by future mortgage executives, analysts and educators."

Before becoming MortgageDaily.com's publisher in 2000, Mr. Garcia worked in mortgage lending for 20 years. His mostly subprime wholesale career included stints at companies that have gone out of business or been acquired.

Lender failures dating back to 1999 are featured in one of four columns.

Another column features lenders that have been acquired.

One column lists subprime mortgage bankers that are currently struggling.

Helping to keep things in perspective, a fourth column highlights recent mortgage company success stories.

By clicking on any of the companies listed in The Mortgage Graveyard, users are directed to a chronological listing of search results of news stories for that company.


read about The Mortgage Graveyard at the Wall Street Journal



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.


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



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