One of my favorite little secrets for A paper and Alt-A has been SCME. As of 16 minutes ago...
Per the notice on their website that just went up now:
It has been a wonderful 24 years. Thank you!
As you are aware, the liquidity crisis in the mortgage lending industry has adversely impacted nearly every major mortgage originator, mortgage investor, and warehouse lender. SCME is no exception. We have spent a great deal of time analyzing the market and SCME's role in the future of mortgage banking. There is every indication that the liquidity crisis will continue for the foreseeable future, causing significant challenges to our organization.
We would like you to know that SCME has valued our relationships over the past 24 years, resulting in strong partnerships and lasting friendships. Thus, our decision has not been made lightly, nor has it come easily. Effective the close of business today, September 28th, 2007, SCME will no longer accept wholesale business. Any loan that is not funded as of today will be returned to our customers.
This has been a very difficult business decision to make. We understand the impact this decision will be for our valued customers as well as our loyal and appreciated employees. Over the past 24 years, we have met and have had the honor of working with some of the best people in this industry. We pray that each of you will find your way through these tumultuous times. Thank you for your business and for your understanding.
Good luck and God Bless . . . .
There are some lenders I am glad have gone out of business. They were not one of them.
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