Ameritrust Mortgage Company (Subprime Wholesale) - Non-conforming Lender

This Charlotte, NC-based nonconforming lender has shut down its subprime wholesale division (at a minimum). Apparently an email went out to brokers today:

Effective Monday, March 05, 2007 the subprime wholesale division of Ameritrust Mortgage Company is no longer in operation. Due to market conditions, our warehouse provider, Washington Mutual, ceased funding for subprime loans. This has left Ameritrust with no alternative to fund subprime loans. Ameritrust truly appreciates you for your past support and valued business! We have much hope to serve you again in the future.

Some posts on the closure are available here and here.

The company operates(-ed?) in 36 states, according to their web site. The about page has more details that now take on an interesting tilt:

In 2005 and 2006 Inc. Magazine named Ameritrust to the list of 500 fastest-growing private companies in America. CEO and president, John J. Owens, received the Charlotte Chamber Entrepreneur of the Year Award and was recognized by the Charlotte Business Journal as a member of the Forty under Forty list, which identifies up and coming business leaders in the community.

...

Owens used his personal savings to create Ameritrust. The company began in 1995 with a license to do business in the Carolinas and one employee—John Owens. Today the company has over 150 employees and is embarked on expanding throughout the United States. An ongoing challenge for Owens is to maintain the company culture as the business grows. Owens keeps his leadership team focused on this important issue by discussing the culture at weekly leadership meetings. This sends a message that core values and culture are just as important as the sales and financial results of the company.

I guess "don't take part in financial manias" wasn't a core value.