Accredited Home Lenders has been up against the ropes for some time now and with the sale of the company to Lone Star private equity group hung up in court they pull the plug. From Market Watch:
Accredited Home Lenders Holding Co., the San Diego mortgage-loan provider, said it would stop accepting new loan applications and would restructure, reducing the workforce by 62% to 1,000 from 2,600. The moves include closing its retail lending business as of Sept. 5, cutting 480 jobs. The company will continue to operate its customer-retention unit. It will close half its 10 wholesale divisions, cutting 490 positions and leaving 340 in the wholesale operation. Accredited said it would pare down its Inzura unit, which provides appraisal, title insurance and other settlement services. And it will cut 180 of 400 jobs at headquarters in San Diego. The company said it won’t take new loan applications but “will honor existing commitments” and will “resume wholesale loan originations” when the market improves.
This was easy to see from a mile away. I’m actually glad its over. The company looked fatally injured a long time ago, but then went through a painful, agonizing slow death. I give a hat tip to their management who battled; but in the end they have nothing to offer the market that the market was willing to buy. Accredited becomes just another footnote when history is written about the demise of reckless subprime lending that epitomized this bubble.
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[Source: Blown Mortgage]
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