Every Friday one or several mortgage lenders are shutting down. Today is the turn of EquiBanc Mortgage:

For Immediate Release

Wachovia recently conducted an intensive strategic review of its mortgage business which has altered the company’s approach to the origination of non-conforming loans. As a result, Wachovia has elected to close EquiBanc Mortgage – Wachovia’s only business dedicated solely to non-conforming loans.

If you have any questions, please contact your Account Executive.

 

Now on Fremont:

I just spoke with my Fremont rep and he advised me that as of Tuesday 1/23/2007 they are going to increase rates up to a .250 on most programs. that means there are more changes to come.

Now Funding America:

Due to current market conditions in the mortgage industry, Funding America has decided to discontinue accepting any new business.

And finally Coast Financial Holdings:

Stock in Coast Financial Holdings Inc. plummeted to a new 52-week low Friday after the bank said borrowers of $110 million in mortgage loans may not be able to repay their debt.

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