Another mortgage lender going out of business: First Magnus Financial
Uncategorized August 16th, 2007
CNBC reports:
First Magnus Financial, a Tucson-based national mortgage lender, is stopping new lending activity effective Thursday and shutting down operations.
An internal e-mail sent to branch managers of Great Southwest Mortgage, the retail arm of First Magnus, said the parent company was no longer funding loans. The e-mail was obtained by the Arizona Daily Star newspaper.
“You will be receiving an e-mail later tonight that references the fact that we will not be funding loans tomorrow,” Erik Lutz, president and founder of Great Southwest, wrote in the e-mail sent Wednesday evening. “This is a very difficult e-mail to write. Nearly all the people I care about in this world have relied on this great company to raise their families and grow professionally.”
A person who answered the phone at the company’s Tucson headquarters told The Associated Press Thursday that the company is shutting down operations.
