How’d I miss this story???
From the Globe:
Massachusetts banking regulators said yesterday that Summit Mortgage Corp. has lined up alternative financing for 270 homeowners and buyers who lost their mortgages when the lender closed its doors Thursday.
Summit Mortgage, which generated $1.3 billion loans in 2006, is the largest lender based in Boston to collapse as a result of the nationwide credit crunch.
Richard Fedele, who founded Summit in 1996, said yesterday he laid off all but a handful of 140 employees in nine offices Thursday, and the company quit accepting new applications for mortgages.
That’s big news, in my book.
While the company might not be as big a player as Countrywide, Wells Fargo, or Bank of America, it was very active in the Boston market.
A surprise.
Summit finds financing for pending mortgages – By Kimberly Blanton, The Boston Globe
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