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Chase Home Mortgage - Construction Lending - Retail, Agency Construction-to-Perm

2009-04-03

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Word just in that an announcement will be made today Chase Home Mortgage is shutting down its Construction Loan department - a division larger than many of the individual companies we've listed.

According to sources familiar with the operation, Chase Home Mortgage averaged sales of $90 million per month in construction-to-perm loans. The division employs an estimated 50 - 100 people nationwide. An inside source wrote:

"No [new] applications will be taken. Insanely small severances were offered and pipeline clean outs were suggested."

We're expecting to see that announcement coming at any time and will update this listing when we get it.


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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.