Popular Financial Holdings - Subprime unit of Banco Popular of Puerto Rico shutting down (Sister company to E-loan)

2007-01-09

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stories: reuters.com

From the above story:

"The San Juan-based company, parent of Banco Popular, said that as part of a restructuring, Popular Financial Holdings Inc. will instead focus on profitable businesses, and merge support functions with Banco Popular North America."

Focus on profitable businesses, eh? And just a few months ago, banks were resolving to redouble their subprime lending because it was such a bonanza. Oh, how times change.

Approximately 627 positions will be eliminated.

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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.