Record Year for Mortgage Company Failures
More than 225 mortgage-related companies ended their operations or failed in 2009, more than any year since MortgageDaily.com began tracking data in 1998.
Bank failures lead the decline with 140 suspended and forced into bankruptcy. There were 66 non-bank closures and 19 credit union failures.
The most notable 2009 failures included Ocala, Fla.-based Taylor Bean Whitaker Mortgage Corp., Melville, N.Y.-based Lend America, and Montgomery, Ala.-based Colonial Bank.
Source: MortgageDaily.com (01/04/2010)
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