Homebanc has stopped funding as of the end of business yesterday... WOW, they were a major player here. Essentially this means all Wall Street funding of mortgages is coming to a close, an end of an era. These company's have had margin calls reminiscent of 1929, both had lots of money on hand, but not enough to get them out of crisis- American Home Mortgage burnt through 1Billion dollars in about 10 days, covering margin calls.
5-7 of the NC branches were bought by Countrywide, including it appears the SouthPark branch here, so if you are working with them for a mortgage hopefully it will be taken over by Countrywide. That's what I hear as of today. The news is still a bit sketchy, and hard to confirm, but I'll keep an eye on it. Apparently the Countrywide people have taken over, moved into, Homebanc's Southpark office. Stay tuned.
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