LoanCity - Alt A, A , Subprime Lender
Word started trickling in around mid-day today that LoanCity was shutting its doors:
Their website has a message that confirms that today is the last day they will be doing loans. LoanCity did up to $10 billion a year in A and Alt A paper. As one informant noted, "This has officially leaked into other markets than sub-prime."
Update: MortgageDaily.com reports ($) that LoanCity's investors were Bank of America, Etrade Group, Inc., and Morgan Stanley Dean Witter Equity Funding, Inc.
Update 2: Bloomberg reports, "LoanCity made about $6 billion in mortgages last year, went out of business on March 20."
Update, May 5th 2007: LoanCity's web site now contains just the following shutdown notice:
LoanCity is closed for business.
WillRepForFood at 17:04 2008-05-28 said:Stupid SOB's shut down while I was out at new Account Executive training for them in California and stuck us with a hotel bill and having to change our tickets to fly home. I have never received reimbersement from them. If anyone knows the whereabouts of the old president of the company, I would be interested in knowing where he is. When I find him, I intend to go get my money. Permalink
processorchick at 01:20 2008-06-24 said::D I'll tell u a city and state, but not on public forum. Used 2 work there too. Permalink
Dollar_guy at 01:34 2008-06-24 said:
:D I'll tell u a city and state, but not on public forum. Used 2 work there too.You can PM him, or e-mail him... Jeremy is cool..... Permalink
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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.