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helping_user

Hi all,

After American Home Mortgage, it is First Magnus Financial Corporation who has filed bankruptcy chapter 11. As per the latest news, the company has stopped offering loans and taking further loan applications since last week. It's really shocking; the company had around 5000 employees..god knows what's in store for them.

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

I too heard about it. FMFC, nation's second-largest privately held mortgage lender has stated unprecedented conditions in both the national real estate market and the secondary mortgage market as the main reason for shut down of their operations.

They were involved in lending operations in all the states and in 2006 had reported funding $30 million loans. So it is real shocking news for most industry professionals.

Miller

carnahandavid · Joined: 21 Dec 2006 Posts: 238 58.41 Dollars($)

As we know that under Chapter 11 bankruptcy reorganization, companies work out plans to repay creditors. But First Magnus will not attempt to reorganize the company.

G.S. Jaggi, First Magnus president and chief executive officer has said that:

Samantha · Posted: Wed Aug 29, 2007 4:38 am Post subject:

Yes helping user, it's shocking but not at the midst of this crisis when several big companies have taken the same action, that is, filed bankruptcy. In fact, First Magnus had made loan offers worth $17.1 Billion from january to June, this year. But it stopped offering any loan since the past few weeks. It's a sad story really for many..

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First magnus Financial Corp to follow American home mortgage