Allied Lending Corp. (Wholesale) - Wholesale

Allied Lending Corporation of Laguna Hills CA has 'suspended' their Wholesale Division. All AE's will be retrained and the focus will shift to Retail. At one time Allied had 11 AE's and funded $25 million per month, now down to $4 million in December.

As announced in an email:

"At this time we are temporarily suspending all programs in the wholesale division. Market is very unstable and all investors are shutting down or pulling out. We are working to finalize our investors list."

We spoke to CFO Massoud Kamrooz. He feels making the switch to Retail is the best way to manage the turmoil in the marketplace, without being "forced to close." In a very open letter to us, he places the blame squarely on Wall Street shoulders:

"The purpose of this communication is to inform you that Allied Lending is not closed; we are only temporarily suspending the Wholesale Division, but focusing on Retail at this time.

Declining Markets as well as games played by GIANT FINANCIAL COMPANIES to smash the small companies and chopping down the large Banks by so called CONSULTING them for better and profitable business (Which is in fact profiting only themselves) but in fact they are setting them up so that they can be acquired at much lower price.

We know and it has been proven most Foreclosures are not because of rate changes, but only bad and greedy decision making by some INDIVIDUALS who acted as Borrowers. These people were not creditworthy neither have any positive effect on Real Estate market. These are the people whom falsified their applications and acquired several properties with the purpose of selling them back within 6 to 12 months and profiting hundreds of thousands of dollars.

I believe the # one reason that the market is in this position, because some Giant Financial Companies saw the opportunity and rather than going after these Borrowers and take some of them to highest level of the law as well as exposing them to all the news media so others will see and stop doing same. Because these large corporations wanted to make all these work for their own benefit only, and ignored the fact that this will put hundreds of thousands workers out of job as well as opened more doors to give the same Borrowers better venue to continue their fraudulent acts."

This latest closure of yet another Wholesale Lender can be directly attributed to the pull-out of warehouse and investor loan programs. We will be seeing a domino effect in the next few months.

If you can provide more information about Allied, please email us.