Summit mortgage, one of the leading mortgage companies in Boston closed yesterday, laying off most of its 140 employees. It was a rumor for a while that Summit mortgage is struggling and doesn't have money to lend; now it's final.
Here is their Press Release:
BOSTON, Mass., October 11, 2007 --- Summit Mortgage announced today that it will no longer accept new loan applications and will wind down operations. The company expects that all loans currently in process will be funded.
The Company has been bombarded by a rapidly deteriorating mortgage environment and despite recurring capital infusions is unable to continue operations.
According to Richard S. Fedele, Chief Executive Officer and Founder, "This heartbreaking decision was made only after we considered all possible alternatives. We had the best sales, operations, and marketing teams in the business however, the current mortgage environment proved to be insurmountable."