While this is no real surprise to some of us, if you're a Realtor and have a loan with
MLN, you may be getting a phone call.
Evidently, MLN offered a rate a few months ago that they couldn't support - almost too good to be true. And way too many people took them up on it.
Next event was that the secondary market would buy them, but MLN was taking a loss on each one - resulting in an insurmountable deficit and MLN closing their wholesale headquarters.
And laying off approximately 1500 people.
If there is good news to be found in this, the silver lining is that Lehman Brothers in allegedly interested. Actually, that would be closer to a golden lining if it happens.
The tale of the tape on this one is that unless your loan funded before the end of the year, it won't fund at all.
This is number four in the last three months.
But companies get bought and sold all the time and this is nothing new. But that's little consolation to 1500 unemployed people and who knows how many un-funded closings.
If you do have a loan with MLN, or think your broker may be using them, the prudent thing to do would be to call.
In the interest of full disclosure I'm also posting this in the consumer section of AR.
;)
;)
