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Subprime Consolidation Continues

Sebring Capital shuts down

December 5, 2006

By MortgageDaily.com staff

A Texas-based wholesale lender has suddenly stopped accepting mortgage applications.

Sebring Capital Partners LP ceased operations on Friday, according to the company's Web site. The lender is no longer taking submissions, and loans with approval must close and fund by Dec. 15.

"We apologize for any inconvenience this may cause you or your borrowers," Sebring said on the site. "It has truly been a pleasure doing business with you."

Michael Waldron, Sebring general counsel, was not immediately available for comment.

Since its organization in May 1996, the Carrollton-based banker, which says it specializes in nonprime products, has grown to over 325 employees and obtained approval to fund first and second lien mortgages in 41 states, according to the site.

Sebring was initially capitalized with the help of legendary Dallas Cowboy quarterback Roger Staubach. The football Hall of Famer is chairman and chief executive of the Staubach Co., a global real estate advisory firm based in Addison, Texas.

Staubach's general counsel, Stephanie Phillips, was also not immediately available for comment.

The nonprime sector has seen major consolidation over the past year.

Meritage Mortgage was shut down by parent NetBank Inc; H&R Block, which has put subsidiary Option One Mortgage Corp. on the block, announced a significant quarterly loss for the unit; and Ameriquest laid off thousands of employees.

And investment banks are stepping in to sift through the rubble.

Merrill Lynch nailed a deal to acquire First Franklin, Morgan Stanley Mortgage Capital Inc. acquired Saxon Capital Inc. and Centex Home Equity was acquired by Fortress Investment Group. Also, Deutsche Bank has announced it will purchase MortgageIT Holdings Inc. and troubled ECC Capital Corp. was picked up by Bear Stearns Residential Mortgage Corp.

Nonprime and Subprime News | Subprime Statistics
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.

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