Interbay - Silver Hill - Bayview Lending Conference call Shutdown

In a conference call this morning, Bayview/Interbay lays off the Account Executives and orders all offices outside of a couple of Florida offices. In an email from last night:

"They plan on shutting down the Denver operations office today and all of the sales offices today as well. Tomorrow they will layoff the additional staff in the Pompano office and Coral Gables, FL office. This a critical time in the industry as you can orginate as many deals as you want, but there are no buyers for the paper on the secondary market. Therefore, it's not a wise move to originate loans any longer."

Another quote:

"Silver Hill much smaller - we are taking applications, and closing loans."

More info to follow.