LoanCity got loaned
Chuck Ponzi March 20th, 2007
Former “America’s Funding Source” closed shop up today.
LoanCity is closed for business. Today March 20, 2007 is the last day we will be funding loans. To our customers, our staff and business partners - we thank you.
Their mission:
LoanCity aims to dominate the wholesale lending industry by offering a full spectrum of products, superior delivery, and innovative processes and technologies that create efficiencies in the lending process.
Not so much anymore.
While this is not headquartered in SoCal, there were substantial offices in Irvine and San Diego. Spring Smackdown again! Lending is getting choked off pretty quickly.
OC Fliptrack, for example reports that Countrywide is charging as much as 11.9% for high risk loans/customers. Escape routes are currently being blocked off, and the flames are licking higher and higher.
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