Altivus Financial - Wholesale, Retail Subprime, Alt-A

Word has come in that Altivus Financial (Both websites are down: www.altivusfinancial.com, www.altivuswholesale.com) has ceased operations. Altivus was based in New Jersey and provided wholesale and retail subprime and Alt A lending services. We have received estimates that place their 2006 loan volume in the range of $600 - $700 million. Their phone number, 973.515.4550, has been disconnected.

Update, August 2nd, 2007: Geneva Mortgage has contacted us to let us know that the statement previously submitted to us and posted which tied Altivus and Geneva is incorrect. Geneva did shut down its wholesale unit, but is still running a retail shop:

On July 28, 2007 you posted an article tying together the implosion of Altivus Financial and Geneva Mortgage stating "We've learned that Altivus was the subprime unit of Geneva Mortgage" and that "Geneva Mortgage Corp based out of Deerfield Beach FL is out of business". Both of these statements are false. First, there has never in any way been any business relationship between Geneva and Altivus. Second, Geneva Mortgage Corp has its headquarters offices in Rockville Centre, NY and at present is fully operational and focused entirely on retail operations which generate approximately $40 - $45 million of volume per month. Regarding its wholesale operations, which were conducted out of its Deerfield Beach, FL branch, management decided, like many others, that a wholesale operation could not be profitably sustained under current market conditions and decided to terminate its wholesale operations in Deerfield Beach.

We are also pleased to announce that Geneva has recently gained the financial support of a NY hedge fund and is proactively engaged in efforts to expand its retail operations through a robust merger and acquisition program.