Sovereign Bancorp (Wholesale Ops) - Conglomerate Bank

2006-12-15

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This is a retroactive addition. This banking conglomerate (around $80 billion in assets) decided to cut its losses on wholesale mortgages late last year and underwent a shutdown of their wholesale ops and reduction of their wholesale porfolio. They discuss this strategy in this press release.

Some Mortgage Daily coverage suggests that Sovereign did close down their wholesale mortgage lending division, with layoffs somewhere shy of 100 people out of 150. A search for "Sovereign Bancorp" on that site will turn up more.

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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.