Emails just now circulating from Account Executives nationwide. Lehman Brother is closing Aurora. Aurora has long been the standard for Alt-A loans. They have been hanging on as long as possible since the credit crunch started spinning again last August.
Last week BOA purchased Countrywide. So what happens will be huge.
Mortgage Implode shows WAMU, Bear Stearns, Chevy Chase, and Indy may not be too far behind these others.
These are wholesale channels that are closing. So some of these banks may still leave retail options intact. However, programs may be limited.
I have heard the same about IndyMac…we shall see. Remember, Bank of America closed their wholesale operations a while back, now they bought Countrywide and the merger will take effect in the 3rd quarter with the changes in the company coming in 2009…you might see them shut down the wholesale aspect of Countrywide. :shocked
I think we are more likely to see countrywide shut down their retail and go to wholesale only. Why keep open all of the countrywide retail shops when yyou can just walk into any BOA branch and get a loan.
I agree with Christopher. The timing makes sense - BofA shuts its wholesale in anticipation of eventually acquiring Countrywide, which has one of the broadest wholesale networks in the nation.
BofA’s wholesale never lit me up that much. As much as I hate to see options disappear, that loss didn’t make me lose any sleep.