Alliance Mortgage Banking Corp (AMBC) - Wholesale, Retail Alt A

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2007-06-26

We have heard that Alliance Mortgage Banking Corp (AMBC), not to be confused with Alliance Bancorp, a non-"ailing", non-"imploded" mortgage lender who happens to share a similar name to AMBC (Digression: google "Alliance mortgage" and you will find a bevvy of lenders; is it so hard to conjure up a semi-unique business name?), has ceased operating. Per an anonymous tip:

AMBC, in business in 19 states, since 1984 abruptly shut down this week, letting go of all of their employees.

3601 Hempstead TPKE
Levittown, NY 11756
516-520-4100

Wholesale and retail alt-A lender....they had a about 45 offices in 9 states, probably about $3 billion per year closed ...

Though the tip is recent, it would appear that AMBC may have ceased operating some time ago. You can find an archived version of ambcloans.com, which shows an "under construction" sign alongside the AMBC logo, courtsey of the wayback machine from February of 2006 here. Oddly, no 2007 versions are available. Despite the site being "under construction", we were able to find the what appears to be the most recent rate sheet (pdf); however, it is dated May 24^th of 2006.

If you can clear up what exactly happened with AMBC and when they actually closed up shop, please let us know.

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Important: This company is on our list of lending operations that have "imploded" (see also ailing lenders). However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.