Steward Financial - Alt-A Wholesale Lender

(Note: this entry is being retroactively added as of July 30, 2007). Steward was a Carlsbad, CA-based lender. We have been hearing information regarding a shutdown of Steward since as far back as May 10th. A typical notice from around June 29th, when we're considering the "definitive" closure date, reads:

Steward Financial is gone
http://www.stewardfinancial.net/
Reply from Steward via email:

I wanted to send you an update on our situation. Unfortunately, Steward Financial Inc. is no longer originating loans and has laid off its entire staff. We're in the process of dissolving corporation and selling off remaining stale loans. Company has endured heavy losses over the past 6 months and is now operating on a negative net worth

Apparently the second paragraph was from Glen Steward himself (CEO of the company). More details on the company were reported to us in an email received July 28th:

Check Steward Financial. 1808 Aston Ave. ste 230 Carlsbad Ca 92008. Let all employees go in April with 5 remaining for "clean Up". (only for 2 additional weeks) Web site says it is under construction but I can say that as a former employee, they are DONE. They recruted a few sales reps to do business at that office through Loan Link based in Orange County. Steward Employeed 50 (approx) people and many employees had been there for quite some time. Steward was an Alt A lender at one point doing 40-50 mil a month dropping considerably in the last few months.

Apparently many of the employees, including the CEO, took jobs with LoanLink.