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08/26/07
Mortgage brokers struggle to survive industry collapse
Filed under: General, Mortgages
Posted by: Lillian Wong @ 12:35 pm

As the mortgage industry continues to roil, local mortgage firms are struggling to stay afloat. Over the past month, the national crisis has led to the demise of some of the industry’s giants, including First Magnus, Great Southwest and American Home Mortgage, as well as this week’s announcement that Scottsdale-based 1st National Bank Holding Co. plans to close its wholesale mortgage unit. All the layoffs and closures are leaving small local brokers scrambling for business.  More…

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