Items Tagged with 'The Warehouse Group'


  • Chase Keeps Selective Warehouse Presence

    JP Morgan Chase [stock JPM][/stock] recently reversed a decision to shutter its warehouse lending division entirely. The bank said months ago it would close the warehouse unit purchased from Washington Mutual. “Chase bought WaMu’s warehouse lending business last spring,” a company spokesperson told HousingWire in February '08. “We decided it didn’t fit our long-term strategy."
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  • Report: WaMu Will Exit Warehouse Funding Business

    National Mortgage News is reporting that Washington Mutual will shutter its entire warehouse lending division. According to the NMN story, a spokesperson confirmed the move late this afternoon and said the warehouse group is in a "wind-down phase" and that WaMu employees "just received the news themselves." No formal press statement was available on WaMu's Web site, but I'd expect one soon.
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  • NovaStar Exits Warehouse Lending Operations

    Housing Wire has learned that subprime mortage banker NovaStar is winding down its warehouse lending operation, WarehouseUSA Capital Corp., in an effort to adjust to difficulties in the subprime lending market. In a notice posted on the company's web site, WarehouseUSA said it was no longer accepting applications for warehouse lines of credit and that it would close all of its existing lines of credit on or before April 27. "The closure of the warehouse lending business will not impact direct mortgage loan funding by, or any other business of, any NovaStar entity," the company said.
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