Liberty American closes Its Doors

Implosion Update - 11-14-07: Our previous discussions with Liberty American indicated they would continue Retail operations. Based upon recent emails, this appears not to be true.

"Liberty American Mortgage in Roseville Ca has closed its doors...."

And finally, from one very informed individual:

"I'm sad to report that after a Friday meeting 11/9/2007 the company President Frank Sousa informed staff members that he was very appreciative of there loyalty, but it was time to close the doors. He then went on to say that he was going to work for the reverse mortgage company they were partnering with and that any LO who wanted to come was welcome.

From my inside sources the closure comes on the heals of a pending $3,000,000 lawsuit by Bill Templeton the once CEO of Liberty. He left abruptly in June reportedly due to contract issues. He was in negotiations with Bill Jacuzzi (Century 21) that eventually fell through."

We are told that the final count after several layoffs is about 30 employees effected by the closure.

For more, see our full entry on the company at http://ml-implode.com/imploded/lender_LibertyAmericanMortgage_2007-11-1.html.