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www.loan-academy.com/
The Mortgage Graveyard 2008 Archives
Failed, Struggling and Acquired Mortgage-Related Companies

Non-Bank Closures 90
Bank Failures (FDIC) 25
Credit Union Failures (NCUA) 14
Total Mortgage-Related Failures
128


Deceased

Acquired
2008: 129

1st Choice Mortgage

Accredited Home Lenders Inc. (wholesale)

Ace Mortgage Funding LLC

Alpha Bank and Trust

Ameribank Inc.

American General Financial Services (wholesale)

AmericasBank (mortgage unit)

Ameritime Mortgage Co. LLC

ANB Financial N.A.

Aurora Loan Services (correspondent and wholesale ops)

Banco Popular (wholesale mortgage division)

Beacon Financial Mortgage Bankers Corp.

Beazer Mortgage Corp.

B.F. Saul Mortgage

Carlyle Capital Corporation Limited

Carteret Mortgage Corp.

C-BASS LLC

Centennial Mortgage and Funding

Century III Home Equity

Cetus Mortgage Ltd.

Charter Bank Specialty Lending Group

Chase Wholesale (subprime & HEL)

Coldstream Financial Services Inc.

Colorado Federal Savings Bank -- National Wholesale Funding

Columbia River Bank (mortgage division)

Columbian Bank and Trust Co.

The Community Bank

CTX Mortgage Company LLC retail branch operation

Douglass National Bank

Downeast Mortgage Corp.

Downey Savings and Loan Association (wholesale ops)

Downey Savings and Loan Association, F.A. (bank)

Eastern American Mortgage

East West Mortgage Co.

E-LOAN (mortgage operations)

EquiPoint Financial Network (wholesale)

Equity One Commercial

E*TRADE Mortgage (retail)

Fannie Mae

Father Burke Federal Credit Union

Fidelity Home Mortgage Corp.

Financial Mortgage Inc.

Fifth Third Bancorp (residential real estate developments)

First Capital Home Equity

First Collateral Services Inc.

First Fractional Funding

First Franklin Financial Corp.

First Georgia Community Bank

First Heritage Bank N.A.

First Integrity Bank, N.A.

First Interstate Mortgage Corp.

First Madison Mortgage

First National Bank of Nevada

First National Mortgage Sources

First NLC Financial Services LLC

First Priority Bank

Fortes Residential Mortgage Co.

Franklin Bank, S.S.B.

Freddie Mac

Freedom Bank

Gateway Bank FSB (wholesale)

Global Mortgage Inc.

Haven Trust Bank

High Desert Federal Credit Union

Homecomings Financial LLC

HSBC Mortgage Corp. (indirect)

Hume Bank

Ideal Mortgage Bankers Ltd. (wholesale)

IndyMac Bancorp (conventional lending ops)

IndyMac Bank F.S.B.

Interfaith Federal Credit Union

Integrity Bank

Irwin Financial Corp. (home equity)

Kaiperm Federal Credit Union

KKR Financial Holdings LLC

LandAmerica Financial Group Inc.

Lehman Brothers Small Business Finance

Liberty Home Lending (wholesale)

Liberty Mortgage Funding

LIME Financial Services Ltd.

Luminent Mortgage Capital Inc.

Lydian Mortgage (wholesale)

Main Street Bank

Maverick Residential Mortgage

MEM Financial Solutions LLC

Meriden F. A. Federal Credit Union

Meridian Bank

Metrocities Mortgage LLC (wholesale)

Mid Atlantic Capital LLC

Millennium Mortgage Corp. (wholesale)

Mortgage Network Inc. (third party channel)

MortgageIT Inc. (wholesale)

Mortgages Ltd.

N&W Poca Division Federal Credit Union

New London Security Federal Credit Union

New Vision Residential Lending

NovaStar Financial Inc.

OMG Wholesale Lending

Paragon Home Lending

PFF Bank & Trust

Popular Mortgage Corp. (wholesale)

Port Trust Federal Credit Union of Charleston

Quick Loan Funding

Residential Mortgage Capital

Resource Mortgage Wholesale

Sanderson State Bank

Saxon Mortgage Inc. (wholesale)

Security Pacific Bank

Shearson Financial Network Inc.

Silver State Bank

Solstice Capital

Sterlent Credit Union

St. Luke Baptist Federal Credit Union

SunTrust Mortgage Inc. Equity Wholesale

TEXDOT-WF Credit Union

Thacher Proffitt & Wood LLP

The Mortgage Store

Tower Lending

Triad Guaranty Insurance Corp.

Unique Mortgage Solutions

Valley Credit Union

Vanguard M&T Inc.

Vitruvian Investment Group LLC

Wachovia Corp. (wholesale)

Washington Mutual Bank

Washington Mutual Inc. (wholesale)

Washington Savings Bank (wholesale division)

West Hartford Credit Union Inc.

Wilmington Finance Inc.

2008: 47

1st Independence Financial Group Inc.

1st Reverse Financial Services LLC

Alabama National BanCorporation

American Harbor Mortgage Co.

American Home Bank, N.A.

ANB Financial, N.A.

Bear Stearns Residential Mortgage Corp.

BMC Mortgage Services Inc.

Chittenden Corp.

CIT Group Inc. (servicing ops)

Citizens Mortgage Corp.

Countrywide Financial Corp.

Emerson Lending Co.

Equity One

EverBank Reverse Mortgage LLC

First Call Mortgage Company Inc.

First Charter Corp.

First Horizon National Corp. (mortgage ops)

First National Bank of Arizona

First National Bank of Montgomery

Fremont Investment & Loan

Gateway Financial Holdings Inc.

GB&T Bancshares Inc.

Great Wisconsin Credit Union (formerly CUNA Credit Union)

Greystone Residential Funding

IndyMac Bancorp (retail ops)

Liberty Financial Group

Mellon 1st Business Bank

National City Corp.

Nevada Home Funding Corp.

Northwest Mortgage Co.

OC Financial Inc.

One Reverse Mortgage

Option One Mortgage Corp. (servicing business)

Origen Financial Inc. (servicing platform assets)

Premier Mortgage Group

Pride Mortgage

Professional Mortgage Partners

Resource Mortgage

River City Mortgage

Shore Bank

Slade's Ferry Bancorp

Specialized Loan Servicing

Stenton Mortgage

Summit Federal Savings Bank

Universal Trust

Wachovia Corp.


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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