Amstar Mortgage Corp - Subprime
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stories: yahoo.com, reuters.com
We have received tips that Amstar Mortgage Corp is set to "quit mortgage lending" per this Yahoo! release:
Note that The Money Store is set to take control of Amstar. We are unsure at this time what such a change of control will mean for the funding operations of Amstar.
Original Ailing/Watch List posting from 2007-08-17
Amstar has put out a press release announcing major staff cutbacks, namely, most of its main corporate office:
Amstar Mortgage Corporation a subsidiary of Amstar Financial Holdings, Inc. (Pink Sheets:AFLH) announces that is laying off most of the office staff at its corporate headquarters. This is in response to current market conditions in the industry. No mortgage company in the industry is doing well at this time. Many large lenders owe Amstar Mortgage Corporation substantial money, but most of these lenders either have or are going to seek bankruptcy protection in the near future. "We had great staff here and we are sorry to let most of them go, but the current conditions require this decision,"" stated Mr. Wayland. At this time Amstar is speaking with another mortgage company about managing Amstar branches, so service can be maintained with our offices and customers. Amstar Mortgage Corporation currently does over $1,000,000,000 in mortgages a year with approximately 116 branches and licensed in 31 states. Amstar Financial seeks to eventually divest itself of Amstar Mortgage Corporation, so it can concentrate on more profitable ventures. More news will be available as information and details are formalized.
We're unclear what business Amstar is still doing. If you have any more information on Amstar's situation, please let us know.
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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.