Alliance Bancorp - Wholesale Alt-A

We have received numerous confirmations that Alliance Bancorp (www.loanwholesale.com/) of Brisbane, California, has shutdown and will no longer be funding any loans or accepting any new loan submissions. Here are two examples of emails that were sent out by Alliance Bancorp employees (And forwarded to us, thanks!):

At around 2 p.m. today, an "Inside" AE sent the following:

Effective immediately Alliance Bancorp is no longer in business.

At around 3 p.m. another Senior AE sent the following:

I hate that I have to send this email. Just got done from a meeting in which we were told that Alliance has shut down. Any files that you had in progress please try to find another home for them. As of today we will no longer be accepting any submissions or funding any loans. ...

As you may recall, Alliance Bancorp has made our "ailing" list previously (and once was listed as "imploded" before when they had temporarily ceased funding) but we were compelled to remove their entry at the behest of Alliance Bancorp's General Counsel.

In light of such overwhelming evidence (A huge body of tips - thanks!) supporting Alliance Bancorp's implosion, we are now making public Alliance's "implosion". We have attempted to contact Alliance's General Counsel for confirmation; however, he was unavailable for comment (Out of the office replies on both email and voicemail).

We have gotten word that approximately 400 people will be laid off as part of this closure.

More details to follow.

Update, July 16th: Alliance has filed for bankruptcy. The Chron article transmits this quote from the company regarding the closure:

"This year we've put up a valiant fight! One with integrity, dignity and never wavering determination, focused solely on how to succeed," CEO Lisa Duerhing says in the letter. "Unfortunately the latest market was more than we were able to overcome. We have exhausted our resources and do not have the means to move forward. Therefore, it is with great sadness that I announce that we have ceased operations as of today, July 13th."