Aegis - Wholesale, Retail Alt-A, A
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stories: marketwatch.com, chron.com
As you likely now know, Aegis closure is official. A Houston Chronicle article details the closure noting that some 1,200 employees *may* be laid off as a result of the closure. Given that 90% of American Home Mortgage's 7,000 employees were laid off last week, this makes for an even tougher time for mortgage professionals.
Update 2007-08-06, Aegis Wholesale closing:
We have received numerous tips this morning regarding Aegis Wholesale closing their doors today. This Broker Outpost thread is detailing the closure as information is coming out. One poster there notes:
We have received numerous tips this morning regarding Aegis' closure. For example, one informant forwarded the following email from an Aegis rep:
We are awaiting official word of the closure. At this time, nothing has been noted on the Aegis Wholesale website (aegiswholesale.com). If you receive official word of the closure, please send it our direction.
We've gotten word that Aegis Lending has ceased accepting new loan applications from retail customers. Aegis Lending was a subsidiary of Aegis Mortgage which is one of the top 30 mortgage lenders in the country (See the cached "About" page here). Official word can be found regarding Aegis Lending's closing on their website:
We have been watching Aegis for some time. We originally got word of Aegis Lending's struggles on March 24th:
Aegis Wholesale is still up and operating.
Update 2007-07-11: Aegis Home Equity Imploded
Aegis Home Equity shut down their Home Equity operations as of June 29th according to this announcement, posted on their website:
As noted above, Aegis Wholesale is still operating.
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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.