August 7, 2007
National City & Aegis Stop taking mortgage applications
SAN FRANCISCO (MarketWatch) — Units of Cerberus Capital Management LP and National City Corp. stopped taking home loan applications on Monday, becoming the latest to be hit by turmoil in the mortgage market.
Aegis Mortgage Corp., a mortgage lender that’s part-owned by private-equity firm Cerberus, suspended all loan originations on Monday. Aegis also is unable to fund home loans that are already in its pipeline, spokeswoman Pat Wente said.
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