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C & G Financial - Wholesale Jumbo
2007-09-11
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Readers have written in today to inform us that C & G Financial (cgfinancial.com) has suspended funding loans. Sure enough, in the past couple hours the following notice has appeared on the C & G website:
Due to the conditions of the secondary mortgage market, C & G Financial Services Inc. will not fund any future mortgage loans, and is no longer accepting any mortgage loan applications. We will try our best to fund any mortgage loans previously originated and not yet funded that are in the last stages for closing. We explored all options before taking this action but were left with no practical choice.
Note 9/11/07 9:15 P.M. EST: We have learned that C & G has changed their website again, removing the notice that we copied above and replacing it with information regarding various loan products they are selling. We do not know what this implies, if anything, with regards to the earlier message they had published.
We are still trying to fill in the following holes regarding C & G Financial's operations:
- Peak monthly loan volume
- Peak number of employees
- Typical loan products / type of lender
In the interest of relevance, we have gone ahead and posted this listing with the limited information we have. If you can fill in any of the blanks, please let us know.
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Important: This company is on our list of lending operations that have "imploded". 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.
