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Fortress Sub-Prime Lender Suspends Wholesale Originations
September 24, 2007
Alternative investments giant Fortress Investment Group is cutting off its sub-prime pipeline just over a year after buying sub-prime lender Nationstar Mortgage.
Nationstar suspended new loan applications from brokers as of Friday. The decision does not affect the $10 billion in sub-prime loans the company services. Also, the company said any approved applications will be honored.
Fortress bought Dallas-based Nationstar last July from homebuilder Centex Corp.
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