First Magnus quits lendingby Tucson Citizen on Aug. 16, 2007, under Edge, Local, Special
Major Tucson lender First Magnus Financial Corp. announced it will not make any more mortgage loans, citing collapse of the subprime market.
Messages on its phone system state the company no longer is accepting applications or funding any mortgage loans that were originated but not yet funded.
The announcement should not affect people with financing through First Magnus that have a company already servicing their loans.
It was not clear early Thursday, however, what the impact would be on company employees.
The company had 3,500 employees in 2005 and was named the second-largest private mortgage company in the country by Inc. 500.