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Alliance Mortgage Banking Corp (AMBC) - Wholesale, Retail Alt A
2007-06-26
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We have heard that Alliance Mortgage Banking Corp (AMBC), not to be confused with Alliance Bancorp, a non-"ailing", non-"imploded" mortgage lender who happens to share a similar name to AMBC (Digression: google "Alliance mortgage" and you will find a bevvy of lenders; is it so hard to conjure up a semi-unique business name?), has ceased operating. Per an anonymous tip:
AMBC, in business in 19 states, since 1984 abruptly shut down this week, letting go of all of their employees.
3601 Hempstead TPKE
Levittown, NY 11756
516-520-4100Wholesale and retail alt-A lender....they had a about 45 offices in 9 states, probably about $3 billion per year closed ...
Though the tip is recent, it would appear that AMBC may have ceased operating some time ago. You can find an archived version of ambcloans.com, which shows an "under construction" sign alongside the AMBC logo, courtsey of the wayback machine from February of 2006 here. Oddly, no 2007 versions are available. Despite the site being "under construction", we were able to find the what appears to be the most recent rate sheet (pdf); however, it is dated May 24th of 2006.
If you can clear up what exactly happened with AMBC and when they actually closed up shop, please let us know.
permalink to this record | forum thread
TommyPaine at 06:01 2009-02-25 said:
. . . NOW THEREFORE, the Superintendent hereby finds that Alliance Mortgage Banking Corp. has defaulted and is likely to default in performing its financial engagements and that good cause exists to suspend Alliance’s mortgage banking license and the Superintendent further finds that there is a substantial risk of public harm. Consequently, the Superintendent hereby immediately suspends Alliance’s mortgage banker license for a period not exceeding 30 days from the date of this Order pending investigation. Witness, my hand and official seal of the Banking Department at the City of New York, this 25th day of June in the Year two thousand seven. ____________________________ Rholda L. Ricketts Deputy Superintendent of Banks http://www.banking.state.ny.us/ea070627.htm Permalinkadd a comment | go to forum thread
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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.
