Tuesday, August 26, 2008

Carteret Mortgage to Close

by Bill McBride on 8/26/2008 05:31:00 PM

From Bloomberg: Carteret Mortgage Will Close, Chief Executive Says (hat tip Dave)

Carteret Mortgage Corp., a closely held mortgage broker that originated more than $4 billion in loans in 2006, plans to close in several weeks, said Chief Executive Officer Eric Weinstein.

``We ran out of money,'' Weinstein, 49, said in an interview today. ``We're not technically out of business yet, but we're winding it down and trying to do the best we can for everybody.''

Weinstein said the ... company has about 800 employees ...
Just a reminder that Mortgage brokers are still going out of business. Carteret had more than 4,500 employees at one time, and operated in 45 states.