2nd Biggest Private Lender Shutdown

2nd BIGGEST PRIVATE LENDER SHUTDOWN


1st Magnus Financial Corp.has laid off nearly 6,000 employees and closed 300 offices.

http://newsmax.com/archives/articles/2007/8/18/90318.shtml?s=lh

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Arizona regulators have moved to pull Tucson-based mortgage lender First Magnus Financial Corp.'s license and fine it for abruptly shutting down Thursday. The firm is the second-biggest private lender in the country.


The Arizona Department of Financial Institutions filed a complaint against First Magnus and its subsidiaries Great Southwest Mortgage, Charter Funding, Gold Mortgage Center, Frost Mortgage, Colonial Home Loans and First Magnus Home Loans.


First Magnus and its subsidiaries haven't responded to the regulator's request for information on Arizona loans in process, loans closed but not yet funded to borrowers and its financial condition.


The Arizona Department of Financial Institutions is advising anyone who is having trouble with First Magnus to contact the agency and file a complaint.




http://www.tucsoncitizen.com/daily/local/60524.php

http://www.rumormillnews.com/cgi-bin/forum.cgi?read=108117