It would appear another Giant is folding it's doors!
Just when you thought things were getting better GMAC/Homecomings is closing its doors. Homecomings will no longer accept origination loans from brokers.
Many offices are being closed resulting in many more jobless professionals in our society. I have empathy for all of the folks who have been greatly effected by over 200 lenders closing their doors.
In fact, I have a loan currently in underwriting with Homecoings. I've been told it should continue on its journey (we will see!)
Anyone else out there vastly effected by this new revelation?
I am interested in what will Homecomings do with all the outstanding loans they have on the table? Who will come along and perhaps buy them out and create a bigger bank?
Will all of these closings open the door for new financial institution to form and divise a niche in the market that wasn't there before?
...Will this ever END!?
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