A List of Mortgage Closures, Mergers and Layoffs

Colin Robertson February 21, 2007 Comments Off

So why are all these mortgage companies consolidating, laying off employees, sending out warnings, and going out of business? Well, a recent statistic revealed that 2.33% of all US mortgages are currently delinquent, a number which is sure to rise. And repurchases have tripled between the first and second quarter of 2006. Not to mention declining home values in almost every metropolitan area throughout the United States, sky-high home prices, rampant fraud, a deteriorating secondary market and unmanageable mortgage payments. I recently began adding mortgage lenders from parts of the world other than the United States that have issued profit warnings, as well as companies that remain open but have been affected seriously by themortgage crisis in one way or another.
[See the latest mortgage rates from dozens of lenders, updated daily.]

According to a recent report, there were 86,126 mortgage job cuts in 2007, with another 30,000 to 40,000 expected by early 2008.

List last updated on August 15, 2012

Latest updates:
Waukegan Savings Bank shut by FDIC Jasper Banking Company shut by FDIC Second Federal Savings and Loan Association of Chicago shut by FDIC Heartland Bank shut by FDIC First Cherokee State Bank shut by FDIC Georgia Trust Bank shut by FDIC The Royal Palm Bank of Florida shut by FDIC Glasgow Savings Bank shut by FDIC Wells Fargo to stop wholesale mortgage lending Montgomery Bank & Trust shut by FDIC FirstLine Mortgages (Canadas largest mortgage broker) to stop mortgage lending The Farmers Bank of Lynchburg shut by FDIC Security Exchange Bank shut by FDIC Putnam State Bank shut by FDIC Waccamaw Bank shut by FDIC Farmers and Traders State Bank shut by FDIC Carolina Federal Savings Bank shut by FDIC

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A List of Mortgage Closures, Mergers and Layoffs

First Capital Bank shut by FDIC Bank of America to lay off 675 workers in Fort Lauderdale Nationstar to buy $10.4 billion in loan servicing rights from Bank of America Alabama Trust Bank, National Association shut by FDIC Ally mortgage unit ResCap files for Chapter 11 bankruptcy Nationstar to acquire ResCap mortgage servicing assets Genworth Financial cut 70 jobs Security Bank, National Association shut down by FDIC Fannie Mae and Freddie Mac merger?

Complete list:
1st American State Bank of Minnesota shut by FDIC 1st Choice Mortgage to close, layoffs 1st Pacific Bank of California shut by FDIC 1st Reverse Financial to close Aames Investment Corp acquired by Accredited Home Lenders ABN Amro Mortgage 1700 layoffs ABN-Amro Hypotheken-Gruppe stopped lending in Germany Ace Mortgage Funding shut down Access Bank shut by FDIC Accredited Home Lenders filed bankruptcy Accredited Home Lenders ceased wholesale lending for second time in Aug 2008 Accredited Home shut down retail lending, ceased wholesale, Lone Star lawsuit Accredited Home agreed to Lone Star buyout Accredited Home Lenders shuts four operations centers, layoffs Accredited Home Lenders cuts 38 jobs in Cincinnati ACC Capital Holdings mass layoffs, closed Ameriquest, sold wholesale to Citigroup Acoustic Home Loans closed subprime wholesale lender ACT Mortgage Capital suspended all submissions/fundings until further notice Advanta Bank Corp. shut by FDIC Advantage Home Loans closed Advent Mortgage merged with New Equity Mortgage AIG to buy Equity One Aegis Funding closed, seeking bankruptcy protection Aegis Mortgage Corp. laying off 401 employees Affinity Bank (CA) shut by FDIC All American Bank shut by FDIC Allegiance Bank of North America shut by FDIC Alliance Bancorp closed, filed for Ch. 7 bankruptcy Alliance Bank (Culver City, CA) shut down by FDIC Alliance Title Co. shut down, layoffs All Fund Mortgage rumored to be closed, acquired by Carlile Investments Inc. Allstate Home Loans shut down after buyout Ally Financial sold European mortgage assets/operations to Fortress Investment Group Alpha Bank & Trust shut down by FDIC ALT Funding believed to have ceased operations Alterna Mortgage New Jersey wholesale lender closed Alternative Financing Corp. wholesale division closed Altivus Financial closed wholesale operations, now believed to be shut down AMC Lending ceases wholesale lending AMC Mortgage acquired by Transnational Financial Network Inc.

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A List of Mortgage Closures, Mergers and Layoffs

Amcore Bank, National Association shut by FDIC AmeriBanc Corp. ceased operations Ameribank Inc. shut down by FDIC America One Finance winding down America West Bank shut by FDIC AmericanFirst Bank shut by FDIC AmericasBank shut mortgage unit American Brokers Conduit shut down all operations American Business Financial Services closed American Eagle Savings Bank shut by FDIC American Equity Mortgage closing 6 of 30 offices, laying off 40 employees American Freedom Mortgage filed bankruptcy American Home Mortgage closed American Lending Group merged with Premier Mortgage Group American Marine Bank shut by FDIC American National Bank shut by FDIC American Mortgage Network bought by Wachovia American Sterling Bank halted wholesale lending American Sterling Bank shut down by FDIC American Southern Bank shut down by FDIC American Trust Bank shut by FDIC American United Bank shut down Ameriquest closed, laid off 3,800, shut 229 retail branches after $325 million settlement Ameritrust Mortgage Company subprime wholesale division closed AmPro Mortgage closed (part of Alliance Bancorp) Amstar Mortgage Corp. most staff laid off, The Money Store to take over by Dec. 15 AmTrust Bank shut by FDIC ANB Financial shut down by FDIC for lax lending standards Anworth Mortgage Asset Corp. its Belvedere subsidiary is in default and faces margin calls Apex Financial Group/Aapex Mortgage commission checks delayed, licenses suspended Apex Mortgage/Aapex Mortgage reportedly cease all opertions Apex Lending, Inc. shut down Appalachian Community Bank shut by FDIC APS Mortgages Limited (UK) independent brokerage shut down Arcola Homestead Savings Bank shut by FDIC Argent sold to Citigroup Assured Lending Corp to exit wholesale lending Atlantic Bank and Trust shut by FDIC Atlantic Southern Bank shut by FDIC Aurora stopped wholesale and correspondent lending Aurora Bank FSB cut 450 jobs in Indianapolis Aurora Loan Services 160 employees laid off Aurora Loan Services laid off 70 in Florida, 139 in NJ Aurora Loan Services cut 93 jobs in El Toro, CA Axix Mortgage closed Banco Santander to buy UK lender Alliance & Leicester PLC BankAtlantic laid off 115 employees BankEast shut by FDIC BankFirst shut by FDIC Bank of America shut its correspondent mortgage business, layoffs Bank of America cut 34 jobs at Saratoga Springs, NY mortgage office

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A List of Mortgage Closures, Mergers and Layoffs

Bank of America halts reverse mortgage lending Bank of America halts wholesale mortgage lending Bank of America to cut up to 35,000 jobs Bank of America to buy Countrywide Bank of America Countrywide merger possibility, continued layoffs Badger State Bank shut by FDIC Bank of America to cut 30,000 jobs Bank of America cutting 3,000 jobs in investment banking unit Bank of America to cease wholesale lending, 700 layoffs Bank of America to cut 650 jobs, sell its prime brokerage unit Bank of America cut 224 jobs in Tampa, 195 in Troy Bank of America to cut 7,500 jobs post merger Bank of America completes purchase of Countrywide Bank of America to buy Merrill Lynch Bank of Choice shut by FDIC Bank of Clark County shut down by FDIC Bank of the Commonwealth shut by the FDIC Bank of Ellijay shut by FDIC Bank of Elmwood shut down Bank of Granite and Granite Mortgage Inc. to combine, layoffs Bank of Florida (Tampa, Southwest, Southeast) shut by FDIC Bank of Hiawassee shut by FDIC Bank of Illinois shut by FDIC Bank of Leeton shut by FDIC Bank of Lincolnwood shut by FDIC Bank of Shorewood shut by FDIC Bank of the Eastern Shore shut by FDIC Bank of Whitman shut by FDIC Bank of Wyoming shut by FDIC BankMeridian shut by FDIC BankUnited ceased wholesale lending, layoffs BankUnited bank failure BankUnited to close four wholesale mortgage sales offices, 200 layoffs BankUnited cut another 160 jobs BankUnited cut 115 jobs in Miami Lakes, FL Bank USA shut down Barclays Bank PLC bought Equifirst Barclays Bank PLC sold HomEq Servicing to Ocwen Financial Barnes Banking Company shut by FDIC Bartow County Bank shut by FDIC Basis Yield Australian hedge fund files for bankruptcy due to subprime lending woes Bath Building Society (UK) halt mortgage lending Bay Capital Corp. closed Bay National Bank shut by FDIC BayRock Mortgage Corp. ceased wholesale lending Bayside Savings Bank shut by FDIC Bayview Financial cut 60 jobs BB&T bought Collateral Real Estate Capital BB&T to shut subprime wholesale lending unit BC Bancorp shut down BC National Banks shut by FDIC

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A List of Mortgage Closures, Mergers and Layoffs

Beach First National Bank shut by FDIC Beacon Financial Mortgage Bankers Corp. filed bankruptcy Bear Stearns layoffs Bear Stearns closed two hedge funds after huge subprime losses, 240 subprime layoffs Bear Stearns merging Encore Credit and Bear Stearns Residential Mortgage into one unit Bear Stearns more layoffs Bear Stearns cuts 150 jobs in Irvine, CA Beazer Mortgage Corp. halts loan origination Beazer Homes closed office, layoffs, subpoenaed for fraud Beazer Homes cut 25% of staff Belvedere Trust Mortgage two default notices, unlikely to pay back loans Ben-Ezra & Katz cut nearly half of staff Ben-Ezra Law Firm cuts 146 jobs, exits foreclosure space Benchmark Bank shut by FDIC Beneficial Finance layoffs BF Saul Wholesale Group layoffs and closures, could be dissolved BlackandWhite.co.uk halts lending, layoffs Blackstone Group buying PHH Mortgage Blue Ridge Savings Bank, Inc. shut by FDIC BMC Capital to acquire NMB Capital BNC Mortgage filed bankruptcy BNC Mortgage LLC shut down consolidated with Aurora Loan Services layoffs BNC Mortgage cut 175 jobs in Nor. Cal, 400 in So. Cal BNY Mortgage changes name to EverBank Reverse Mortgage Bradford & Bingley (UK) nationalized, 370 layoffs Bradford Bank (MD) shut by FDIC Bramble Savings Bank shut by FDIC Brickwell Community Bank shut down by FDIC Bridger Commercial Funding closing Broad Street Mortgage sold to Wausau Mortgage Corp. Broadway Bank shut by FDIC BrokerSource ceased operations BrooksAmerica Mortgage Corp. temporarily suspended new loan originations BSM Financial closed wholesale unit BrokerSource Budget Finance Co. layoffs Butler Bank shut by FDIC Butte Community Bank shut by FDIC c2 Financial (UK lender) to lay off roughly 20 percent of workforce C & G Financial suspended funding/production C-BASS acquired Fieldstone Investment Group, struggling with margin calls California National Bank shut down California TD Investments LLC filed for bankruptcy CalPERS home loan program suspended Calusa Investments website down, thought to be closed Cambridge Home Capital loses FHA approval Cameron Financial Group bankrupt Canyon National Bank shut by FDIC Cape Fear Bank shut down by FDIC CapitalSouth Bank shut down by FDIC Capital One to buy Chevy Chase Bank Capital One Home Loans shutting Overland Park office, 300+ layoffs

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A List of Mortgage Closures, Mergers and Layoffs

Capital One Mortgage 2,000 layoffs planned nationwide Capital Six Funding subprime and hard money lender suspended operations CapitalSource Inc. to acquire retail banking operations of Fremont General Capmark Financial Group files Chapter 11 bankruptcy Carlile Investments Inc. acquired All Fund Mortgage Carson River Community Bank shut by FDIC Carteret Mortgage Corp. to be closed down, hundreds of layoffs loom Castle Point Mortgage will no longer accept wholesale broker applications CBA Commercial said to have had sizable layoffs CBRE Realty Finance halted lending Centennial Bank shut by FDIC Centennial Mortgage and Funding Inc. / Award Mortgage shut down Centex Home Equity changed its name to Nationstar Mortgage Central Bank of Georgia shut by FDIC Central Federal Credit Union placed in conservatorship Central Florida State Bank shut by FDIC Central Pacific Mortgage closed, TMSF cancels deal to acquire company Central Progressive Bank shut by FDIC Central States Mortgage Co. suspends operations Century Bank FSB to halt wholesale lending Century Bank FSB shut down by FDIC Century Security Bank shut by FDIC CF Bancorp shut by FDIC CFIC Home Mortgage closing down Champion Bank shut by FDIC Champion Home Builders 196 layoffs Chapel Funding bought by Deutsche Bank Charcol Mortgages (UK) cut up to 50 jobs Charter Bank (Santa Fe, NM) shut by FDIC Charter Funding believed to be closed by parent First Magnus Financial Charter Mortgage shut specialty lending unit Charter National Bank and Trust shut by FDIC Charter Oak Bank shut by FDIC Charter One exits wholesale lending Chase to buy Bear Stearns Chase closing subprime loan facility in Ontario, CA 91 layoffs Chase Washington Mutual merger Chase wholesale lending division shut down Chase shut home equity and subprime wholesale units, layoffs Chase shut warehouse lending unit, cutting another 2,800 WaMu jobs Chase closed operation centers in CA and NJ Chase shut home equity processing center in Rochester, 300 layoffs Chase cut roughly 100 home equity jobs in Indianapolis Chase cut 9,200 Washington Mutual jobs Chase de Vere Mortgage Management (UK) to close Chase Home Finance closed retail subprime operations center in Woodcliff, NJ Chase Home Finance shut 430-employee branch in Lexington, KY Chase Home Lending cut 55 jobs in San Diego Chase Home Lending cut 52 wholesale mortgage jobs in Orange, CA Chase Home Lending cut 132 jobs in Ohio Chase Home Lending unit closing in Charlotte, 92 layoffs

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A List of Mortgage Closures, Mergers and Layoffs

Chase Home Lending cut 266 jobs in Pennsylvania Chase Home Mortgage halts construction lending Chase Wholesale Lending shut four loan centers, cut 175 jobs Chestatee State Bank shut by FDIC Chevy Chase layoffs, to stop lending in CA Chevy Chase cut correspondent channel, facing class-action lawsuit Chevy Chase halts construction-to-perm lending Chevy Chase seized wholesale lending Chevy Chase layoffs Chicago and Dallas Federal Home Loan Banks proposed merger off CHL Mortgages (UK) to cut 20% of staff Choice Capital Funding rumored to be closed CIBC layoffs CIT Group Inc. shut down mortgage division 500+ layoffs CIT files for bankruptcy CIT Group sold remaining mortgage assets to Lone Star Funds Citadel buying ResMAE Citigroup to cut 50,000+ jobs Citigroup layoffs as high as 45,000 Citigroup bought ABN AMRO Mortgage Group, acquired assets of Argent Mortgage Citigroup mortgage layoffs reported Citigroup layoffs in collateralized debt obligation unit Citigroup to sell or shut down First Collateral Services Citigroup to layoff 2000 investment bankers/traders Citi stopped wholesale mortgage lending Citi to buy Wachovia Citi to cut 9,000 jobs Citi cut about 30 jobs in structured-credit group tied to mortgage losses Citi to close Future Mortgages (UK) and CitiFinancial (UK subprime), layoffs Citi cut 125 jobs in Texas Citi to cut up to 6,500 investment banking jobs Citi correspondent lending halted CitiFinancial to close 376 branches, 500+ layoffs Citi Home Equity layoffs CitiMortgage wholesale to cut jobs, drop brokers CitiMortgage layoffs and closures CitiMortgage halts wholesale home equity lending, 500 layoffs CitiMortgage halted jumbo wholesale lending CitiMortgage cut 190 wholesale mortgage jobs in Des Moines, IA CitiMortgage Wholesale layoffs, territories realigned Citi Residential Lending retail mortgage unit to be consolidated Citizens Bank mortgage layoffs Citizens Bank and Trust Company of Chicago shut by FDIC Citizens Bank of Effingham shut by FDIC Citizens Bank of Northern California shut by FDIC Citizens Community Bank shut by FDIC Citizens National Bank shut down Citizens Republic Bancorp to cut 60 jobs, mainly from mortgage processing Citizens State Bank shut by FDIC City Bank shut by FDIC Clear Choice Financial in default, Bankruptcy possible

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A List of Mortgage Closures, Mergers and Layoffs

CMXL acquired All Fund Coast Bank sold to First Banks of St. Louis Coastal Bank shut down by FDIC Coastal Community Bank shut by FDIC Cobalt Capital (UK) shut down Cohen Financial cut 25% of staff Coldstream Financial Services closed Collateral Real Estate Capital acquired by BB&T Colonial Bank shut by FDIC Colonial National Mortgage closing operations center in Ohio Colonial National Mortgage to halt wholesale lending Colony Mortgage Corp. closed Colorado National Bank shut down by FDIC Columbia Bancorp shut mortgage unit, cut 39 jobs Columbia Home Loans subprime lender closed Columbia River Bank shut by FDIC Columbian Bank and Trust Co. (Kansas) shut down by FDIC Commerce Bank of Southwest Florida shut by FDIC Commercial First (UK) halted new lending Commonwealth Bank of Australia to acquire Wizard Home Loans Community Bank and Trust (Cornelia, GA) shut by FDIC Community Bank of Arizona shut by FDIC Community Bank of Lemont shut down Community Bank of Nevada shut by FDIC Community Bank of Rockmart shut by FDIC Community Bank of West Georgia shut by FDIC Community Banks of Colorado shut by FDIC Community Capital Bank shut by FDIC Community Central Bank shut by FDIC Community First Bank shut by FDIC Community First Bank Chicago shut by FDIC Community National Bank shut by FDIC Community National Bank at Bartow shut by FDIC Community National Bank of Sarasota County shut by FDIC Community One Federal Credit Union shut down Community Resource Mortgage closed its wholesale lending division, layoffs Community Security Bank shut by FDIC Comunidades Federal Credit Union of Los Angeles shut down ComUnity Lending halted operations, faces liquidation Concord Mortgage Co. believed to be out of business Concorde Acceptance rumored to be closed Contact 4 (UK) to cut 108 jobs Cooperative Bank shut by FDIC Copper Star Bank shut by FDIC CoreStar Financial Group closed Corn Belt Bank and Trust Co. shut down by FDIC Cortez Community Bank shut by FDIC Corus Bank shut down by FDIC Country Bank shut by FDIC Countrywide combines wholesale and correspondent units Countrywide closing wholesale fulfillment centers

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A List of Mortgage Closures, Mergers and Layoffs

Countrywide shut 16 wholesale loan fulfillment centers Countrywide believed to have shut 46 Full Spectrum Lending branches Countrywide Correspondent Lending Division cut 293 jobs Countrywide Specialty Lending Division layoffs Countrywide Capital Market Division cut 65 jobs Countrywide laid off 73 employees in Canoga Park Countrywide layoffs in subprime , may be bought out by Bank of America Countrywide cutting up to 12,000 jobs, more about the Countrywide layoffs County Bank (Merced, CA) shut down by FDIC Covenant Bank & Trust shut by FDIC Credit Suisse layoffs, bought LIME Financial Credit Suisse to cut 500 investment banking jobs Credit Suisse to cut 150 jobs in its investment bank unit in UK Credit Suisse cut 210 jobs in NYC CreekSide Bank shut by FDIC Crescent Bank and Trust Company shut by FDIC CTX Mortgage reportedly for sale CU National Mortgage halts lending Dana Capital closed Darby Bank & Trust Co. shut by FDIC DB Home Lending consolidated with MortgageIT, layoffs, rumored to be closed Decatur First Bank shut by FDIC DeepGreen Financial closed Decision One shut down, layoffs Delta Financial closed offices, 300 layoffs Delta Financial bankruptcy, suspends loan origination Delta Financial Corp. layoffs Desert Hills Bank shut by FDIC Deutsche Bank Correspondent Lending Group consolidating business to MortgageIT Diablo Funding Group shut down Direct Finance Corp. acquired First Call Mortgage Co. Ditech 181 layoffs Ditech.com cut 120 jobs at Costa Mesa, CA headquarters Dollar Mortgage Corp. being acquired by Shearson Financial Network Domestic Bank shutting down wholesale unit Dover Mortgage Company shutting wholesale mortgage division Dover Mortgage Co. cut 17 employees Downeast Mortgage Corp. to shut down Downey Savings shut down by the FDIC Downey Savings shut wholesale channel Draper and Kramer Mortgage merged with 1st Advantage Mortgage LLC Dwelling House Savings and Loan Association shut by FDIC eBank shut down by FDIC E-Loan/Banco Popular Wholesale Mortgage to cease lending E-loan closed sub-prime wholesale division, layoffs E-Loan layoffs E-Trade exits wholesale mortgage business E-Trade to halt mortgage lending Earl Shilton building society (UK) halts mortgage lending Earthstar Bank shut by FDIC Eastern Financial Florida Credit Union put in conservatorship

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A List of Mortgage Closures, Mergers and Layoffs

Edgewater Lending Group halts wholesale lending Egg Mortgages (Citi-owned UK finance unit) no longer accepting applications Elizabeth State Bank shut by FDIC Empire Bancorp Mortgage Bankers shut down Encore Bank laid off 300 employees ECC Capital/Encore Credit sold to Bear Stearns, 100 layoffs announced Aug. 17 Encore Credit laid off 100 Account Executives at wholesale unit in Irvine, CA Encore Credit merging with Bear Stearns Residential Mortgage Entrust Mortgage closed Equibanc closed by Wachovia Equifirst shutting down Equifirst layoffs, bought out by Barclays Bank PLC EquiFirst cut 64 jobs in Arizona Equipoint halted wholesale lending, shut 70+ branches Equitable Reverse Mortgage closed doors Equitable Trust Mortgage Corp. suspended by FHA Equity One (a unit of Popular Inc.) cut 147 jobs in Marlton, NJ Equity Title (owned by Coldwell Banker) layoffs Eurobank shut by FDIC Evergreen Bank shut by FDIC Evergreen State Bank shut by FDIC Exchange Financial temporarily discontinuing its Wholesale/Correspondent business Expanded Mortgage Credit closed wholesale Express Capital Lending not accepting new submissions until further notice Family First Mortgage Corp. ceases operations, layoffs Fannie Mae layoffs Fannie Mae 200 layoffs Fannie Mae and Freddie Mac bailed out FBR Capital Markets cut 75 jobs FBR selling subprime unit Fidelity Bank shut by FDIC Fidelity National Financial to buy LandAmerica (large title companies) Fidelity National Financial terminated LandAmerica merger Fidelity National Information Services cut 35 jobs in Jacksonville Fidelity Trust Bank selling residential mortgage company Fidelity Trust Mortgage Inc. Fieldstone Mortgage bankruptcy Fieldstone Mortgage Co. halted new business, closed Las Vegas branch, layoffs Fifth Third Bancorp 700 layoffs Fifth Third to discontinue Alt-A lending Finance America closed Financial Freedom cut 65 jobs in Irvine, CA office Financial Title Company closing, layoffs First Advantage acquired CredStar First American Bank to cease wholesale lending First American Corp. (title insurer) layoffs at 1,900 First Arizona Savings shut by FDIC FirstBank purchased wholesale mortgage division of StellarOne Corp. FirstBank to shut down wholesale mortgage division Oct. 31 FirstBank Financial Services shut down by FDIC FirstCity Bank shut down by FDIC First BankAmericano shut by FDIC

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A List of Mortgage Closures, Mergers and Layoffs

First Bank of Beverly Hills shut down by FDIC First Bank of Idaho shut down by FDIC First Bank of Jacksonville shut by FDIC First Bank of Kansas City shut down by FDIC First Banking Center shut by FDIC First Banks of St. Louis bought Coast Bank First Centennial Bank shut down by FDIC First Choice Bank shut by FDIC First Choice Community Bank shut by FDIC First Collateral Services (Citi) 126 layoffs First Collateral Services (Citi) cut 150 jobs First Commerce Community Bank shut by FDIC First Commercial Bank of Florida shut by FDIC First Commercial Bank of Tampa Bay shut by FDIC First Community Bancorp layoffs First Community Bank shut by FDIC FirsTier Bank shut by FDIC First Consolidated Mortgage Co. subprime wholesaler shutting down, in dispute First Coweta Bank shut down by FDIC First DuPage Bank shut down First Federal Bank of California halted wholesale lending First Federal Bank of California shut by FDIC First Federal Bank of North Florida shut by FDIC First Fidelity Financial closed its doors First Franklin to be shut down, 650 layoffs First Franklin Financial layoffs, sold to Merrill Lynch First Franklin firings/layoffs rumored First Georgia Banking Company shut by FDIC First Georgia Community Bank shut down by FDIC First Guaranty Bank and Trust Company of Jacksonville shut by FDIC First Heritage Bank shut by FDIC First Horizon shut down mortgage operations First Horizon cutting 1,500 jobs, closing 50 offices First Horizon National Corp. divested its subprime mortgage loan portfolio First Horizon discontinued national construction and commercial lending, 160 layoffs First Horizon to sell or shut down mortgage unit First Indiana Wholesale closed wholesale consumer lending operations First Integrity Bank shut down by FDIC First International Bank shut by the FDIC First Lowndes Bank shut by FDIC First National Bank (Rosedale, MS) shut by FDIC First Madison Mortgage shut down First Magnus no longer funding or originating any mortgage loans First National Bank shut by FDIC First National Bank of Arizona halts retail mortgage lending, 35 layoffs First National Bank of Danville shut by FDIC First National Bank of Davis shut down by FDIC First National Bank of Florida shut by FDIC First National Bank of Georgia shut by FDIC First National Bank of the South halts wholesale lending First National Bank of the South shut by FDIC

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A List of Mortgage Closures, Mergers and Layoffs

First National Mortgage Sources shut down First NLC bankrupt, halts lending First NLC Financial Services LLC 645 layoffs First NLC layoffs and closures First Mariner Bancorp closed its wholesale mortgage lending unit First National Bank of Anthony shut by FDIC First National Bank of Arizona shut down by FDIC First National Bank of Central Florida shut by FDIC First PacTrust Bancorp, Inc. acquired Gateway Bancorp First Peoples Bank shut by FDIC First Piedmont Bank shut by FDIC First Priority Bank closed by FDIC First Regional Bank shut by FDIC First Security Loan Corp. to shut down First Security National Bank shut by FDIC First Source Funding Group closed First Southern Bank shut by FDIC First Southern National Bank shut by FDIC First State Bank shut by FDIC First State Bank (AZ) shut down by FDIC First State Bank (Sarasota) shut by FDIC First State Bank of Altus shut by FDIC First State Bank of Winchester shut by FDIC First Street Financial closed First Suburban National Bank shut by FDIC First Vietnamese American Bank shut by FDIC Fitch Ratings to cut 150 jobs Flagship National Bank shut down Flagstar Bancorp mortgage layoffs, restructuring Flagstar Bancorp layoffs Flexpoint Funding reportedly closed wholesale division, now completely shut down Flick Mortgage closed FMF Capital LLC closed Florida Community Bank shut by FDIC FNBA wholesale division and correspondent line shut down, 541 layoffs Fort Lee Federal Savings Bank, FSB shut by FDIC Fortes Financial halted lending Fortes Financial acquired five former National City regional wholesale offices Founders Bank shut by FDIC Foxtons, Inc. filed Chapter 11 bankruptcy Franklin American suspends jumbo wholesale lending Franklin Bank shut down by FDIC Franklin Bank Corp. closing warehouse line, layoffs Franklin Credit Management Corp. suspends loan acquisition and origination Freddie Mac cut 100+ jobs Freedom Bank shut down by FDIC Freedom Bank of Georgia shut down by FDIC Freedom Financial shutting down Freestand Financial closed Fremont General exited secondary sub-prime market, layoffs Fremont General filed Ch. 11 bankruptcy

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A List of Mortgage Closures, Mergers and Layoffs

Fremont Investment & Loan laid off 243 employees in Ontario, CA Fremont Investment & Loan cut 243 jobs in CA Frontier Bank shut by FDIC Frost Mortgage partnered with First Houston FundingAmerica not accepting any new business Gateway Bank suspends wholesale lending Gateway Bank of St. Louis shut by FDIC GB Mortgage shutting down GE mulling sale of Australian mortgage unit Wizard Home Loans General Electric buying PHH Corporation GE Money (Ireland) halted mortgage lending, cut 80 jobs GE Money (AU & NZ) cut 335 jobs GE Money Canada to halt mortgage lending Genworth Financial cutting roughly 1,000 jobs Genworth Financial acquired Liberty Reverse Mortgage George Washington Savings Bank shut by FDIC Georgian Bank shut down by FDIC Global Commerce Bank shut by FDIC Global Mortgage Inc. to be shut down GMAC Mortgage cutting 84 jobs in West Hartford, 45 in Charlotte GMAC Mortgage to shut all 200 retail offices GMAC Mortgage cut 68 jobs in Cherry Hill, New Jersey GMAC Residential Funding (Canada) suspended subprime mortgage origination GMAC in talks to sell Mexican mortgage units to Ixe Bank (Mexico) GMAC-RFC (UK) closed subprime subsidiary High Street Home Loans, 200 layoffs GMAC-RFC (UK) to halt loan origination, 130 layoffs Golden Empire Mortgage closed wholesale division GEM Capital Funding Golden State TD Investments LLC filed for bankruptcy Goldman Sachs purchased Litton Loan Servicing Goldman Sachs to cut 1,500 jobs Granite Community Bank shut by FDIC Great Basin Bank of Nevada shut down by FDIC Greater Buffalo Savings Bank halted residential mortgage lending, closed unit Great Southwest Mortgage believed to be closed by parent First Magnus Financial Greater Atlantic Bank shut by FDIC Greenpoint Mortgage closed, 1900 employees laid off, 31 branches closed Greenpoint Mortgage shut servicing center in Columbus, GA, 220 layoffs Group One Lending shut down Guaranty Bank shut down by FDIC Guaranty Bank to exit warehouse lending Guaranty Bank to shut correspondent lending unit Guaranty Financial cut 10 percent of workforce Guaranty Residential layoffs Guardian Loan Co. shut down Guild Mortgage Co. acquired Liberty Financial Group Gulf State Community Bank shut by FDIC H&R Block Mortgage Corp. 353 layoffs H&R Block to cut 505 jobs related to closure of Option One Habersham Bank shut by FDIC Harbourton Mortgage Investment Corporation (HMIC) closed HarVest Bank of Maryland shut by FDIC

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A List of Mortgage Closures, Mergers and Layoffs

Haven Trust Bank shut down by FDIC Haven Trust Bank Florida shut by FDIC HBOS shut Mortgage Business (UK), 325 possible layoffs Heartland Mortgage Co. bought Merrlin Mortgage Corp. Heartland Wholesale Funding ceased wholesale lending Heartwell Mortgage closed Heritage Bank shut down by FDIC Heritage Banking Group shut by FDIC Heritage Community Bank shut down by FDIC Heritage Plaza Mortgage closed HFF Inc. cut 57 jobs High Desert State Bank shut by FDIC High Trust Bank shut by FDIC Hillcrest Bank shut by FDIC Hillcrest Bank Florida shut down HMIC closed Home 123 Mortgage closed HomeBanc Mortgage Corp. layoffs, filed bankruptcy, sold branches to Countrywide Home Capital Inc. closes Homecomings Financial to cease lending Homecomings Financial laid off 284, including 207 AEs Homecomings Financial cut 60 jobs in Bellevue, WA Home Equity Mortgage Co. placed in temporary receivership Home Equity of America layoffs Home Federal Savings Bank shut by FDIC Homefield Financial closed Homeland Capital Group subprime wholesaler closed Home Loan Center Inc. / Lending Tree hundreds of layoffs nationwide Home Loan Center Inc. / Lending Tree cut 119 jobs in Irvine Home Loan Consultants closes Home Loan Corp. closed Expanded Mortgage Credit subsidiary Home Loan Investment Bank laid off roughly 30 employees Home Loan Services (Merrill servicing arm) for sale Home Loan Specialists Inc. (HLS) closed its doors Home National Bank shut by FDIC Home Savings of America shut by FDIC Home Valley Bank shut by FDIC Homestead Mortgage will close its wholesale division Homeview Lending Inc. layoffs, now appears to be closed Homewide Lending Corp. closed Honor State Bank closed wholesale lending department Horizon Bank shut by FDIC Housevalues Inc. laid off 160 workers, closed Yakima call center, shut mortgage lead biz HSBC stopped wholesale, correspondent lending HSBC to cut 1100 jobs HSBC Holdings PLC closing mortgage office, 600 layoffs HSBC Mortgage cut 80 jobs in NY HSBC Mortgage Services (Correspondent division) closed, layoffs HSBC Financial Corp. Ltd. (Canada) closing 30 branches, 300 potential layoffs HSBC to shut down HFC, Beneficial HSBC shuts down Decision One

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A List of Mortgage Closures, Mergers and Layoffs

HSBC Financial Corp. Ltd. (Canada) closing 30 branches, 300 potential layoffs HSBC halts trading of mortgage-backed securities in U.S., 120 layoffs HSBC closing 260 consumer lending branches HSBC Mortgage laid off 302 employees in Jacksonville HSBC Mortgage Services cut 48 jobs in Virginia Huntington Financial to be acquired by Oxford Funding Hypo Real Estate (Germany) nationalized Ideal Federal Savings Bank shut by FDIC Ideal Mortgage Bankers to exit wholesale lending, layoffs Igate Global Solutions (India) redeploying roughly 150 employees into other services IKB Industriebank (Germany) losses near $1bn as a result of subprime exposure in US Impac stops Alt-A lending, 144 laid off Impac Mortgage Holdings 350 recent layoffs, halted Alt-A loan production Imperial Capital Bank shut by FDIC Imperial Savings and Loan Association shut by FDIC InBank (IL) shut down by FDIC Independent Bankers Bank shut FDIC Independent National Bank shut by FDIC Indymac sold to private investor group Indymac Federal now OneWest Bank Group Indymac filed bankruptcy Indymac shut down Indymac halts most lending, thousands of layoffs IndyMac layoffs, branch closures Indymac bought retail arm of New York Mortgage Trust, Indymac layoffs IndyMac stopped construction-to-perm lending IndyMac closed Ontario, CA-based operations center IndyMac Commercial Lending Corp. halted lending operations ING to cut 7,000 jobs ING to buy Interhyp AG (largest German residential mortgage broker) ING Direct exited wholesale mortgage business ING Netherlands cut 10 percent of jobs at mortgage unit Innovative Bank shut by FDIC Innovative Mortgage Capital closed Integra Bank National Association shut by FDIC Integrity Bank shut by FDIC Integrity Bank of Alpharetta, Georgia shut down by FDIC InterBay Funding laid off 75 workers Inter Savings Bank shut by FDIC Investaid Corp. suspended operations indefinitely Irwin Home Equity layoffs Irwin Union Bank shut down by FDIC Irwin Union Bank and Trust Co. shut down by FDIC Irwin Union Bank & Trust Co. stopped wholesale lending ISN Bank shut by FDIC Ivanhoe Mortgage closed Jennings State bank shut down by FDIC John Warner Bank shut by FDIC JP Morgan layoffs reported in loan structuring group, CMBS group , and UW group K Bank shut by FDIC KBC Bank NV (Belgium) bought Vertical Lend

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A List of Mortgage Closures, Mergers and Layoffs

Kensington Mortgages (UK) temporarily withdrawing from the mortgage market Kensington Mortgages (UK) cut 20 percent of staff Kensington Mortgages (UK) cut 75 jobs KeyBank Real Estate Capital halted lending KeyBank Real Estate Capital cut 100+ jobs Keycorp exited subprime mortgage business, layoffs Key West Bank shut by FDIC Keys Federal Credit Union shut down KH Funding filed for Chapter 11 bankruptcy Kirkwood Financial Corp. suspended wholesale originations KKR Financial Holdings no longer intends to invest in residential real estate Kondaur Capital Corp. cut 155 jobs La Jolla Bank shut by FDIC Lakeside Community Bank shut by FDIC Lancaster Mortgage Bankers closed LandAmerica Financial Group Inc. will cut 1,100 jobs (title company) Landesbank Sachsen Girozentrale (Germany) sold to Landesbank Baden-Wrttemberg LandMark Bank of Florida shut by FDIC Law Offices of David J. Stern to shut down, layoffs Legacy Bank shut down by FDIC Lehman Brothers filed Chapter 11 bankruptcy Lehman Brothers cut 140 mortgage-securities trading jobs Lehman Brothers cut 850 jobs Lehman Brothers to cut 1425 jobs globally + another 1,500 Lehman Brothers cut 200 jobs from its UK mortgage firms Lehman Brothers to close UK subprime lending units SPML and Preferred Mortgages Lehman Brothers Bank cut 126 jobs in Lake Forest, CA Lehman Brothers Bank cut 85 jobs in Lake Forest, CA Lehman Bros. Small Business Finance no longer accepting loan applications Lehman Bros Dutch mortgage unit Elq Hypotheken ceased lending Lend America closed Lenders Direct Capital Corporation closed wholesale lending operations Lending group Inc. suspended operations LendingTree.com closed Carmel, IN office, 64 layoffs Lending Tree 20% of workforce laid off (fresh ones on Aug. 17) LendingTree layoffs, mainly in Irvine, CA Lennar Corp. over 4,000 layoffs at big Miami home builder Lenox Financial Mortgage receives cease and desist from Georgia Department of Banking and Finance Lexington Lending halts wholesale operations Levitt and Sons LLC (homebuilder) laid off a third of staff Levitt and Sons LLC (homebuilder) filed for Ch. 11 bankruptcy Liberty American Mortgage halted wholesale lending LibertyBank shut by FDIC Liberty Home Lending ceased wholesale lending Liberty Mortgage Corp. ceased wholesale lending Liberty Mortgage Funding Co. filed for Ch. 7 bankruptcy Liberty One Lending ceased operations LIME Financial Services (Credit Suisse wholesale) ceased lending LIME Financial Services, Ltd sold to Credit Suisse, downsized from 450 to 225 Lincoln Park Savings Bank shut by FDIC Lloyds TSB to buy Halifax Bank of Scotland for $22 billion

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A List of Mortgage Closures, Mergers and Layoffs

Loancity closed 7 branches, shut down Loans 123 no longer taking anymore business London & Scottish Mortgages (LSM:UK) stopped accepting new applications Lone Star facing lawsuit over purchase of Accredited Home Lenders Lone Star to buy Bear Stearns Residential Mortgage Corp. Long Beach Mortgage Co. (WAMU) winding down operations Long Mortgage lost financing, parent First Magnus trying to dissolve unit Los Padres Bank shut by FDIC LowerMyPayment.com closed, mortgage lead company Lownhome Financial closed Luminent layoffs, two default notices, selling equity stake to Arco Capital Corp. Luminent Mortgage filed Chapter 11 bankruptcy Lydian Mortgage shut wholesale, layoffs Lydian Private Bank shut by FDIC M&T Bank cut wholesale mortgage jobs MacQuarie Mortgages USA halts loan origination MacQuarie Mortgages USA laid off 69 employees McIntosh Commercial Bank shut by FDIC McIntosh State Bank shut by FDIC Madisonville State Bank shut down MagnetBank shut down by FDIC Main Street Bank shut down by FDIC Mainstreet Bank (MN) shut by FDIC Mainstreet Savings Bank shut by FDIC Mandalay Mortgage closed Marco Community Bank shut by FDIC Maribella Mortgage closed Maritime Savings Bank shut by FDIC Market Street Mortgage layoffs Market Street Mortgage to be broken up and sold in pieces, 53 layoffs Marlin Mortgage Company, LLC shut it doors Marshall Bank shut by FDIC Master Financial layoffs, ceased wholesale production Maverick Residential Mortgage reportedly closed MEM Financial Solutions filed for bankruptcy Mercantile Mortgage ceased operations Meridian Bank shut down by FDIC Meridias Capital layoffs, rumors of employees not being paid Meritage Mortgage closed, staff employed by LIME Financial Merrill Lynch bought First Franklin Merrill Lynch to cut 4,000 jobs Merrill Lynch halted all lending at UK subsidiary Wave, layoffs Merrlin Mortgage Corp. acquired by Heartland Mortgage Co. MetLife halted reverse mortgage lending, sold servicing rights to Nationstar Mortgage Metlife shut down its forward mortgage division, 4,000+ layoffs MetLife acquired EverBank Reverse Mortgage LLC MetLife to buy First Horizon mortgage unit Metro Bank of Dade County shut by FDIC Metrocities Mortgage now Prospect Mortgage Metrocities Mortgage stopped wholesale lending Metrocities Mortgage dissolved No Red Tape Mortgage, layoffs

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A List of Mortgage Closures, Mergers and Layoffs

Metrocities Mortgage acquired Mortgage Services Unlimited Metro Pacific Bank shut by FDIC MCAP Financial (Canada) suspended subprime lending through its Eclipse division MGIC bought rival mortgage insurance provider Radian Group (abandoned) MGIC Investment Corp. cut 19 jobs at Milwaukee headquarters Miami Valley Bank shut down by the FDIC Mid City Bank, Inc. shut by FDIC Midwest Bank and Trust Company shut by FDIC Millenium Bankshares closed mortgage division Millenium Funding Group closed Millennium Mortgage Corp. halted wholesale lending Millennium State Bank of Texas shut by FDIC Mirae Bank shut by FDIC MLSG halted lending operation Morgan Stanley sold Saxon Mortgage to Ocwen Morgan Stanley to lay off 300 employees in securities division Morgan Stanley to sell City Mortgage Bank (Russian mortgage unit) Mortgage Bankers Association layoffs Mortgage Capital Resource Corp. closed MortgageIT layoffs and branch closure Mortgage Investors Group (MIG) closed wholesale division Mortgage Investment Lending Associates (MILA) subprime wholesale closed Mortgage Network Inc. halted wholesale and correspondent lending Monarch Bank buying mortgage-related assets from Resource Bank Morgan Stanley bought Saxon Mortgage Morgan Stanley cut over 1,000 jobs Morgan Stanley to cut 1,500 jobs Morgan Stanley cuts 600 mortgage jobs Mortgage Investment Lending Associates closed MortgageIT halted wholesale lending MortgageIT consolidated with DB Home Lending, rumored to be offering agency loans only Mortgage Network Inc. acquired Partners Group Unlimited Mortgage Next (UK) layoffs Mortgage Lenders Network stopped residential loan production MortgageTree Lending closed, website down Mortgages Ltd. filed for Ch. 11 bankruptcy Mountain Heritage Bank shut by FDIC Mutual Bank shut by FDIC Mylor Financial closed National Bank of Commerce shut down by FDIC National City ceases wholesale lending National City exits correspondent lending business National City laid off 1,300, National City branch closures and layoffs National City cut 50 jobs in San Diego National City to exit warehouse lending National Home Equity consolidated by National City Corp., suspended originations, layoffs National Wholesale Funding halted operations NationPoint halts loan origination, layoffs Nationpoint subsidiary of Merill Lynch laid off 60 people in August, 70 more in Nov. Nation One Mortgage Co. Inc. wholesale lender stopped origination and funding of mortgages Nationstar acquired Champion Mortgage, closed multiple offices, incl. Denver office Sept. 10

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A List of Mortgage Closures, Mergers and Layoffs

Nationstar halts wholesale lending Neighborhood Community Bank shut by FDIC NetBank shut down by FDIC due to excessive mortgage defaults Netbank Funding closed NetMore America Inc. layoffs Nevada Commerce Bank shut by FDIC Nevada Security Bank shut by FDIC New Century filed bankruptcy New Century Bank shut by FDIC New City Bank shut by FDIC New England Merchants Corp. received cease and desist order New Equity Mortgage merged with Advent Mortgage New Frontier Bank shut by FDIC New Horizons Bank shut by FDIC New Horizons Reverse Mortgage Inc. filed for Chapter 7 bankruptcy New Liberty Bank shut by FDIC New South Federal Savings Bank halts all mortgage lending New South Federal Savings Bank shut by FDIC New State Mortgage Company ceased wholesale lending operations New Vision Residential Lending to close at end of month Nexity Bank shut by FDIC Nikko Citigroup to cut 10% of staff Nomura Securities closed its nonconforming mortgage conduit and laid off staff Nomura Holdings to shut mortgage-backed securities business, 1300 job cuts Norddeutsche Landesbank made offer for Deutsche Hypothekenbank AG No Red Tape Mortgage dissolved by Metrocities Northern Georgia Bank shut by FDIC Northern Rock (UK) seeks Bank of England bailout, issued profit warning Northern Rock sold $4.3 billion mortgage portfolio to JP Morgan Chase Northern Rock to cut 2000 jobs North County Bank shut by FDIC North Houston Bank shut down Northwest Bank & Trust shut by FDIC NovaStar layoffs Novastar closed wholesale unit, facing potentially huge lawsuit, laying off 37% of workforce Novastar cutting 275 jobs, closing 12 retail origination offices Novastar job cuts expected from sale of servicing unit Novelle Financial said to have ceased operations NVR Mortgage Finance (builder) restricted from offering Alt-A, subprime and piggyback loans Oakmont Mortgage closed Oak Street Mortgage closed, files bankruptcy Ocala National Bank shut down by FDIC Ocwen Financial to buy Kent County State Bank Oglethorpe Bank shut by FDIC Old Harbor Bank shut by FDIC Old Southern Bank shut by FDIC Olde Cypress Community Bank shut by FDIC OMG Wholesale suspended operations Omni National Bank shut down by FDIC One Georgia Bank shut by FDIC OneCap Mortgage Corp. license revoked

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A List of Mortgage Closures, Mergers and Layoffs

OneWest Bank to halt reverse mortgage lending Opteum closed conduit and wholesale operations Optima Funding reported to have ceased operations Option One shut down Option One buyout in jeopardy Option One layoffs, pending sale to Cerberus Capital Management LP Option One cut 50 jobs in Bay Area Opus Mortgages (UK) put into liquidation Own It Mortgage closed Origen Correspondent Mortgage Group to be shut down Origen Financial ceased Texas ops, cut 96 jobs Orion Bank shut by FDIC Oxford Funding acquiring Huntington Financial Pacific American Mortgage (PAMCO) no new submissions, halted operations Pacific Coast National Bank shut by FDIC Pacific National Bank shut down Pacific State Bank shut by FDIC Palm Desert National Bank shut by FDIC Palos Bank and Trust Company shut by FDIC Pan American Mortgage cut 443 jobs Paragon Home Lending said to be shut down Paragon Mortgages (UK) laid off 62 Mortgage Trust staff Paramount Bank shut by FDIC Park National Bank shut down Partners Bank 100th bank failure of 2009 Partners Group Unlimited bought out by Mortgage Network Inc. Patriot Bank of Georgia shut by FDIC Patriot Bank Minnesota shut by FDIC Paul Financial suspends loan origination Paul Financial LLC cut 57 jobs Peninsula Bank shut by FDIC Peoples Choice Financial Corp. bankrupt Peoples Community Bank shut by FDIC Peoples First Community Bank shut by FDIC Peoples Mortgage closed Peoples State Bank shut by FDIC Peotone Bank and Trust Company shut by FDIC PFF Bank and Trust shut down by the FDIC PHH merger terminated PHH Mortgage laid off 140 in Providence, 300 more from NJ and FL offices Piedmont Community Bank shut by FDIC Pierce Commercial Bank shut by FDIC Pillar Processing cut 601 employees at Long Island offices Pinehurst Bank shut by FDIC Pinnacle Bank of Oregon shut down by FDIC Pinnacle Direct Funding Corp merged with Tri-Star Lending Pinnacle Financial Corp. acquired by Impac Mortgage Holdings, closed Plantation Federal Bank shut by FDIC Platinum Community Bank (IL) shut down by FDIC PMI Group Inc. (mortgage insurer) filed for Chapter 11 bankruptcy PNC to close Capstone Realty Advisors (commercial mortgage unit)

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A List of Mortgage Closures, Mergers and Layoffs

PNC Bank discontinued wholesale home equity lending PNC Bank to cut 5,800 jobs PNC Banl to cut 30 workers at loan servicing center in Dayton Polk County Bank shut by FDIC Popular Financial Holdings exited the wholesale sub-prime mortgage market Popular Inc. cut 167 loan servicing jobs in New Jersey Popular Mortgage Corp. shut down Popular Warehouse Lending no longer accepting applications Portellus, Inc. (software) winding down mortgage division, selling mortgage assets Precision Financial Inc. closed Preferred Home Mortgage Co. cut 75 jobs Premier American Bank shut by FDIC Premier Bank shut by FDIC Premier Community Bank of the Emerald Coast shut by FDIC Premier Mortgage Funding, Inc filed for bankruptcy Premium Funding Corp. closed Principal Mortgage Fund, Inc. to buy Fair Home Lending Financial, Inc. Priority Funding Mortgage Bankers believed to have ceased operations Progress Bank of Florida shut by FDIC Prosperan Bank shut by FDIC Provincial Bank acquired United Residential Mortgage Property Finance Group (New Zealand) halted trading amid liquidity concerns Prospect Mortgage to acquire 80 Indymac branches, 750 employees Prospect Mortgage buying Fidelity Trust Mortgage Inc. Prospect Mortgage acquired Indymac branches PSM Holdings, Inc. acquired Brookside Mortgage LLC Public Savings Bank shut by FDIC Pulte Homes 2,000 layoffs Pulte Mortgage layoffs Pulte Mortgage shutting Charlotte processing center, nearly 90 layoffs Quality Home Loans filed for bankruptcy, sold to hedge fund manager Michael Klein Quick Loan Funding layoffs, now reported closed Quicken Loans Inc. suspended new hiring Quicken Loans layoffs Quicken and RockBridge acquired One Reverse Mortgage QuoteMeARate.com Inc. closed QHL Holdings Fund Ten LLC filed for bankruptcy R-G Premier Bank of Puerto Rico shut by FDIC Radian (mortgage insurer) cut 7% of its workforce Rainier Pacific Bank shut by FDIC RAMS Home Loans (Australia) warned of profit losses after only two weeks on stock market Ravenswood Bank shut by FDIC Realty Mortgage shut down, 300+ layoffs Regions Financial Corp. closed warehouse lending unit Regions Financial Corp. shut Little Rock mortgage servicing facility Republic Federal Bank shut by FDIC Residential Capital LLC filed for bankruptcy ResCap layoffs ResCap halts Dutch mortgage lending ResCap bankruptcy fears ResCap layoffs

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A List of Mortgage Closures, Mergers and Layoffs

ResCap closed offices, cut 470 jobs Residential Capital LLC cutting roughly 1,000 jobs (GMAC company) ResMae Mortgage Corp. cut 182 jobs in Brea ResMae Mortgage Corp. layoffs, bankrupt/for sale, closing Dallas facility ResMae Mortgage Corp. halted loan submission, cut over 150 jobs Residential Mortgage Capital suspends operations Residential Wholesale Mortgage, Inc. acquires Government Loan Center Resource Bank selling mortgage-related assets to Monarch Bank Resource Mortgage shuttered wholesale division Reunion Mortgage shut wholesale office in Florida RFC layoffs Right Away Mortgage closed River City Mortgage to sell itself to Wintrust Financial Corp Riverside Bank of the Gulf Coast shut down by FDIC Riverside National Bank of Florida shut by FDIC Riverview Community bank shut down RockBridge Commercial Bank shut by FDIC Rock River Bank shut by FDIC Rooftop Mortgages (Bear Stearns UK mortgage unit) to close Rose Mortgage Corp. closed Rosemount National Bank shut by FDIC Royal Bank of Scotland to cut 9,000 jobs San Diego National Bank shut down San Joaquin Bank shut down San Luis Trust, FSB shut by FDIC Sanderson State Bank shut down by FDIC Santa Cruz Mortgage suspended operations indefinitely Satilla Community Bank shut by FDIC Saxon Mortgage wholesale closed, 1000 layoffs Saxon layoffs, closed correspondent unit Saxon Mortgage closed two loan servicing facilities in Texas, cut 680 jobs Saxon Mortgage Services cut 50 jobs in Texas SCB Bank shut by FDIC SCME ceases wholesale operations SCME Mortgage Bankers Inc. layoffs, branch closures Scottish RE large subprime exposure drops stock into dangerzone Sea Breeze Financial Services, Inc. Irvine, CA lender apparently closed Sebring Capital Partners closed Secured Bankers Mortgage Company halted operations Secured Funding closed Security Bank Corp. has six Georgia banks shut down by FDIC Security National Servicing Corp. to cut 31 jobs Security Pacific Bank shut down by FDIC Security One Lending acquired OMNI Reverse Security Savings Bank shut down by FDIC Security Savings Bank, F.S.B. shut by FDIC Senior Lending Network no longer taking applications Shearson Financial Network to acquire Dollar Mortgage Corp. (fell through) Shearson Financial Network to file bankruptcy Sherman County Bank shut down by FDIC ShoreBank shut by FDIC

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A List of Mortgage Closures, Mergers and Layoffs

Shoreline Bank shut by FDIC Silver Hill Financial cut 45 jobs Sierra Pacific Mortgage closed several branches Silver Falls Bank shut down by FDIC Silver State Bank shut down by FDIC Silver State Mortgage closed Silverton Bank shut by FDIC Solent Mortgage Services (UK) closing its door Solent Mortgage Services (UK) layoffs Solstice Capital (HSBC retail) halted lending, 130 layoffs Sonoma Valley Bank shut by FDIC SolutionsBank shut by FDIC Solutions Funding closed Southern Community Bank shut by FDIC Southern Star Mortgage cut wholesale lending Southern Star Mortgage halts loan origination Southshore Community Bank shut by FDIC Southstar Funding closed Southwest Bank acquired BMC Mortgage Services Inc. Southwest Community Bank shut by FDIC SouthwestUSA Bank shut by FDIC Sovereign Bancorp to cut 1,000 jobs Spectrum Financial Group files bankruptcy St. Stephen State Bank shut by FDIC Starpointe Mortgage closed State Bank & Trust of Fargo purchased Bell Mortgage State Bank of Aurora shut by FDIC Statewide Bank shut by FDIC Sterling Bank shut by FDIC Steven J. Baum P.C. to close, 89 layoffs Steward Financial closed Stone Creek Funding closed Stonewater Mortgage Corp. halts new originations, sold to Caliber Funding LLC Strategic Capital Bank shut down by FDIC Southern Colorado National Bank shut down by FDIC SouthStar Funding closed Southwest Business Corp. purchased 15 Home Loan Corp. branches Suburban Federal Savings Bank shut down by FDIC Summit Financial Group Inc. closed residential mortgage unit Summit Mortgage Co. to close Sun American Bank shut by FDIC Sun Security Bank shut by FDIC Sun West Bank shut by FDIC Sunset Direct Lending closed Sunshine Mortgage Corp. shut down Sunshine State Community Bank shut by FDIC SunFirst Bank shut by FDIC SunTrust cut 170 jobs SunTrust Bank cut 86 jobs SunTrust Bank closing wholesale lending offices Summit Bank shut by FDIC

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A List of Mortgage Closures, Mergers and Layoffs

Superior Bank shut by FDIC Tamalpais Bank shut by FDIC TBW to file for bankruptcy protection, around 1000 layoffs TeamBank shut down by FDIC Temecula Valley Bank shut by FDIC Tennessee Commerce Bank shut by FDIC The Bank of Bonifay shut by FDIC The Bank of Commerce shut by FDIC The Bank of Miami shut by FDIC The Buckhead Community Bank shut by FDIC The Community Bank shut down by the FDIC The Cowlitz Bank shut by FDIC The First National Bank of Barnesville shut by FDIC The First National Bank of Olathe shut by FDIC The First State Bank shut by FDIC The Gordon Bank shut by FDIC The La Coste National Bank shut by FDIC The Lending Connection believed to have laid off staff and ceased operations The Members Own Federal Credit Union shut down The Money Store will take over Amstar Mortgage branches The Mortgage Lender (UK) cut hundreds of jobs, may cease lending The Mortgage Store Financial Inc. rumored to have ceased lending, laid off most of staff The Mortgage Warehouse closed The Park Avenue Bank shut by FDIC The Peoples Bank shut by FDIC The RiverBank shut by FDIC The Tattnall Bank shut by FDIC Thornburg Mortgage filed bankruptcy Thornburg Mortgage bankrupt, 100+ layoffs Thornburg bankruptcy fears, suspends fundings Thornburg Mortgage 5 downgrades, selling assets, denied BK, facing Wachovia lawsuit Thornburg Mortgage cut 29 jobs Thunder Bank shut by FDIC TierOne closed all nine loan production offices TierOne Bank shut by FDIC Tifton Banking Company shut by FDIC Town Community Bank & Trust shut by FDIC Towne Bank of Arizona shut by FDIC TransLand Financial Services facing involuntary Ch. 11 bankruptcy petition, layoffs Transnational Financial Network suspended wholesale lending operations Triad Guaranty halts new business, layoffs Tri-Star Lending Group acquired by Impac Mortgage Holdings Trojan Lending ceased wholesale production Trump Mortgage closed Turnberry Bank shut by FDIC UBS to cut 8,700 jobs UBS to cut 5,500 jobs UBS to cut another 2,000 jobs UBS Home Finance stops wholesale lending Ulster Bank (RBS-UK) cut 750 jobs, close First Active mortgage unit Union Bank, National Association shut by FDIC

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A List of Mortgage Closures, Mergers and Layoffs

Unique Mortgage Solutions closed, layoffs United Americas Bank shut by FDIC United Commercial Bank shut by FDIC United Equity LLC (Baltimore) shut down United Guaranty layoffs United Residential Lending halts wholesale lending United Security Bank shut by FDIC Unity National Bank shut by FDIC Universal American Mortgage Co. shut down its processing center, 57 layoffs Universal Mortgage Corp. to close, 100 layoffs Unlimited Loan Resources closed Upland Mortgage filed Chapter 11 bankruptcy U.S. Mortgage Corp. stops retail lending USA Bank shut by FDIC USA Federal Credit Union layoffs Valley Capital Bank shut by FDIC Valley Community Bank shut by FDIC Valley Vista Mortgage shut down all operations Vantus Bank (IA) shut down by FDIC Velocity Commercial Capital, LLC layoffs reported Venture Bank shut down by FDIC Vertex to cut 55 jobs related to DB Mortgages account (Deutsche Bank UK) Vertical Lend changes name to World Alliance Financial Vertice shut down (Wachovia wholesale lending channel) Vertice (Wachovia unit) undisclosed number of job cuts in third quarter of 2007 Vertice (wholesale mortgage unit of Wachovia) cutting 40 more jobs Victoria Mortgage Funding closed (UK subprime lender) ViewPoint Bankers Mortgage acquired 45 former CTX Mortgage employees Vineyard Bank shut by FDIC Virgin Money U.S. closed Virginia Business Bank shut by FDIC Virtual Bank Mortgage now Lydian Mortgage Vision Development Group of Broward County LLC (condo developer) Ch. 11 bankruptcy W.J. Bradley Mortgage Capital Corp. merges with State Mortgage Wachovia halted wholesale lending, 11,000 layoffs Wachovia closed Equibanc, 115 layoffs in bay area Wachovia shut Waterbury, CT retail mortgage office, 65 layoffs Wachovia cut 50 mortgage processing jobs in Boynton Beach, FL Wachovia cut 240 mortgage and banking jobs in San Antonio Wachovia cut 200 positions in corporate and investment banking unit Wachovia reportedly closed four offices in Germany due to crisis Wachovia stopped offering mortgages at many branches, 600 layoffs Wachovia shut mortgage center in Tampa, 57 layoffs Wakulla Bank shut by FDIC Walter Mortgage Co. to wind down mortgage lending Warehouse USA closed Warren Bank shut down by FDIC Washington First International Bank shut by FDIC Washington Mutual shut down WaMu stopped wholesale lending, 3,000 layoffs Washington Mutual layoffs, halting subprime lending

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A List of Mortgage Closures, Mergers and Layoffs

Washington Mutual laying off 50 in Capital Markets Washington Mutual to cut 1,200 jobs Washington Mutual cuts Commercial Correspondent/Wholesale Lending Washington Mutual layoffs, exited warehouse/correspondent market Washington Mutual layoffs as high as 1,000, closing 3 fulfillment centers Washington Savings Bank stopped wholesale lending Washtenaw Mortgage Company closed Waterfield Bank shut by FDIC Waterford Village Bank shut by FDIC WCI Communities cut 575 jobs Wealthbridge Mortgage shut down, layoffs Webster Bank to cease wholesale and correspondent lending Webster Financial to cut 240 jobs Weichert Financial laid off 70+ operations staff Wells Fargo cut 113 home retention workers in Bellevue, WA Wells Fargo stops reverse mortgage lending Wells Fargo closed Grand Junction, CO mortgage center, 55 layoffs Wells Fargo cuts 4,500 mortgage jobs Wells Fargo halts wholesale reverse mortgage lending Wells Fargo cutting jobs as HARP demand falls Wells Fargo cutting 145 wholesale mortgage jobs in Orange County Wells Fargo to buy Wachovia Wells Fargo Financial to close 638 stores, halt origination of non-prime portfolio mortgages Wells Fargo Home Mortgage halts wholesale non-conforming lending Wells Fargo Alternative Lending Wholesale closed, layoffs nationwide Wells Fargo Home And Consumer Finance Group layoffs Wells Fargo stops mortgage lending in Canada Wells Fargo layoffs in home equity division Wells Fargo layoffs in Billings, MT Wells Fargo shutting wholesale division in Concord, CA, 137 layoffs Wells Fargo Home Mortgage acquired Pride Mortgage Wells Fargo Home Mortgage cut jobs in Fort Mill, SC Wescom Credit Union exited wholesale lending WestBridge Bank and Trust Company shut by FDIC Westernbank Puerto Rico shut by FDIC Western Commercial Bank shut by FDIC Western Corporate (WesCorp) Federal Credit Union placed in conservatorship Western National Bank shut by FDIC Western Springs National Bank and Trust shut by FDIC Westsound Bank shut down by FDIC West Texas Credit Union shut down WestWorks Mortgage closed Wheatland Bank shut by FDIC Williamsburg First National Bank shut by FDIC Wilmington Finance stopped wholesale lending, hundreds of layoffs Windsor Capital Mortgage Corp. closed down Winstar Mortgage ceased operations Wintrust Mortgage Corp. shut wholesale mortgage division WMC GEs subprime unit cut 460 jobs, reported closed and for sale WMC Mortgage layoffs WNS (India outsourcing) redeploying employees due to mortgage shakeup

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A List of Mortgage Closures, Mergers and Layoffs

Woodlands Bank shut by FDIC World Savings sold to Wachovia WSB Financial Group Inc. cutting 33 mortgage jobs XBancorp closed wholesale Xceed Mortgage (Canada) to stop originating loans via brokers Xceed Mortgage Corp. (CA) cut two-thirds of staff (74 jobs) Xceed Mortgage Corp. (CA) issued profit warning, halted dividend Xceed Mortgage Corp. (CA) cut 26 jobs, about 18 percent of staff

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