Accredited - the last true subprime lender - just bit the dust.

[Masterofdamoney_IHB]

No link or news story yet. I was literally talking to an AE from there and she recieved an email - company is shut down.

No more subprime, it's official.

 

[graphrix_IHB]

But, but... Miss Busta told me subprime is alive and thriving!

 

[southoctracker_IHB]

Good stuff, MODM..nice to see news being broken on the IHB forums.

 

[lendingmaestro_IHB]

So why exactly did Lonestar buy them???

 

[QH Renter_IHB]

What kind of black magic did they use to keep things together this long?

 

[Major Schadenfreude_IHB]

I like the way Miss Busta's face morphs from a frown to a smile. They should sync it so that the question "I heard Accredited is now busta, Miss Busta!" and her face goes from smile to permanent frown with the answer.

 

[graphrix_IHB]

Good call Master, and you know it is the real deal when CR reports it.

http://image.accredhomeemail.com/6842836541470.jpg

Dear Valued Brokers,

In recent months, the associates at Accredited Home Lenders, Inc. (Accredited) have made great strides to carry the Company through the challenging business climate our industry is facing and to position Accredited for a successful future. Today, we will be taking steps that will further enable us to allocate our resources in the most efficient manner possible with minimal disruption to our brokers.

Accordingly, Accredited's operations centers in Orange, California; Beaverton, Oregon; St. Petersburg, Florida; and Woodcliff Lake, New Jersey will be closing today. Loan files currently on site at these locations will be expedited to our Headquarters in San Diego, California, where they will continue to be processed with the high levels of service you have come to expect from Accredited. We are committed to working diligently toward ensuring there are no delays in the underwriting, closing, or funding of these re-routed files, or the files currently in process in San Diego.

Accredited will be providing brokers affected by these closures with more specific information and contacts in the San Diego office this afternoon. As always, we appreciate your business and look forward to continuing a successful partnership in the future.

 

[Masterofdamoney_IHB]

Kinda funny - Accredited completely shut down all offices, laid off all their AE's and other staff, but BEAR STEARNS is UP AND RUNNING under the Accredited Home Lenders name still - they were unaffected. So Loanstar put a knife in the original Accredited (subprime), and is letting Bear Stearns (now the only 'Accredited' left, prime only!) remain.

Quite interesting!

The look on the poor AE's face was horrible. Finding out your company folded via email while you are out speaking with your clients has GOT to suck.

 

[jbatzmaru_IHB]

AE making 10K a month on commission with no college education, no formal training and with 1-2 years of experience..... yea it sucks.... how hard will it be for them to fine another job making the same amount?

 

[Masterofdamoney_IHB]

AE making 10K a month on commission with no college education, no formal training and with 1-2 years of experience..... yea it sucks.... how hard will it be for them to fine another job making the same amount?

Probably impossible.

Ask anyone who is job hunting in OC right now how hard it is to land a good paying job with limited or no experience. Good luck getting another banking job - they aren't hiring.

 

[acpme_IHB]

So why exactly did Lonestar buy them???

if lonestar steakhouse bought the co i might check them out. i like the texas rose aka awesome blossom aka bloomin onion.

 

[Stuff It_IHB]

Where in orange are their offices located and how many staff?

 

[no_vaseline_IHB]

Miss Busta is no more. The URL went dead somewhere in the last hour. RIP sweetie.