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Opteum (Wholesale, Conduit) - Alt-A Lender
2007-04-19
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stories: marketwatch.com, housingwire.com, northjersey.com, ocregister.com
Opteum is shutting down its conduit and wholesale operations. Retail will remain. The Marketwatch story has a rather definitive announcement. There is also a notice posted to Opteum's conduit site. Update: We have also obtained a similar notice explaining the terms of the wholesale shutdown.
Opteum's web site is still up and operating fine, with no relevant disclosures. Here is their about page with some (very minimal) background on the company.
As the HousingWire story points out, they used to do subprime, until that became untouchable. Stay tuned.
Update, June 20, 2007: There is now an OCRegister article discussing the closure of Opteum. They point out that 130 people lost their jobs with the company in the Foothill Ranch area.
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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.
