This entry was posted on Thursday, August 16th, 2007 at 10:45 am and is filed under Housing Bubble, Subprime Meltdown. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
First Magnus Folds
This morning’s sad news included a notice from First Magnus that it is no longer funding any mortgage loans.
August 16th, 2007 at 2:50 pm
That’s terrible news. I know some really wonderful people at First Magnus. Hope they land on their feet.
August 16th, 2007 at 3:18 pm
Does Countrywide own First Magnus?
August 16th, 2007 at 3:21 pm
Chris, I’m not aware of any affiliation between the two. According to the Arizona Daily Star, First Magnus has described itself as “one of the largest privately held mortgage banking operations” in the country,
August 16th, 2007 at 8:53 pm
I had a deal with First Magnus and we were to have had docs today. Fortunately, we have another couple of weeks before close of escrow and I found another home for the loan.
Interesting times…
August 17th, 2007 at 10:24 am
Countrywide did not own First Magnus. However, First Magnus sold a good portion of the loans they funded to Countrywide Securites (the investor arm of Countrywide) and also to Aurora.