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Friday, April 14, 2006 10:14 PM

Subprime Lender Acoustic Goes Under

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As of 4/14/2006 Acoustic Home Loans is no longer in business.

Acoustic will not accept new loan submissions after 4/13/2006; however, we will continue to process loans that are in approved status or better. Applications received after 4/13/2006 and loans that are not in approved status or better will be returned to the broker. If you are a broker with a loan in process, a borrower who has a loan with Acoustic, or the media please call our main number at 866.226.8784 and you will be directed to the appropriate person.

Hmmm. It seems the industry's first and only "Guaranteed Broker Contract" is no longer guaranteed. Acoustic was the 27th-largest nonprime wholesale originator in the nation.

Rest assured many more "guarantees" will be broken in the upcoming months.

Mike Shedlock / Mish

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