Nationstar Mortgage stops making home loans as US sub-prime woes deepen
Nationstar Mortgage, the Dallas-based sub-prime home-lending unit acquired by Fortress Investment Group in July last year, stopped making loans through brokers on September 21 after foreclosures soared and loans declined industrywide.
Nationstar’s wholesale-loan offices will honour applications already approved, and the company continues to service existing loans, the company said on its website.
Nationstar, formerly Centex Home Equity, was purchased last year by New York-based Fortress, a manager of private-equity and hedge funds, for about US$554 million ($747 million) in cash. It had been owned by Dallas-based Centex, the fourth-biggest US homebuilder. Read More
