First Madison Mortgage - Wholesale & Retail

"They just closed the doors and checks are bouncing" is the first quote from a former employee on the closing of First Madison Mortgage. With offices in Maryland, New York, and Virginia, no phones are being answered.

First Madison opened their doors in 2002. From their web site in August, Inc. ranked First Madison Mortgage Corp. No. 531 on its 5,000 list of the fastest-growing private companies in the country. Inc. Magazine goes on to say, "Taken as a whole, these companies represent the backbone of the U.S. economy."

From an email distributed on Friday, December 7th:

"It is with regret that I inform you that a decision has been made to close the company effective today. As you are aware, we have tried to work through very difficult market conditions. If I did not say it before, I appreciate all of your efforts and regret the difficulties that we have all experienced. Please know that I understand some are owed monies. While I cannot make promises, we are going to do what we can to honor Company obligations."

The web site shows a product mix of Alt A and "Non-Prime" all the way through A paper. Once listed at 65 employees, 50 were let go with "no notice" according to one former employee, and no severance packages.

Inc. Magazine may want to retract that "backbone" comment.