Subprime funder Lenders Direct Capital Corp., Lake Forest, Calif., has closed its wholesale division, citing a lack of "investor demand" and the "current state" of the subprime industry.A notice was posted on the lender's website on Feb. 8. An executive who competed against LDCC said that at one point the firm was funding up to $200 million a month. As of MortgageWire's deadline, company chief executive Mike McQuiggan could not be reached for comment. LDCC is just another in what is turning out to be a long line of subprime firms -- many based in California -- that are either shutting down or closing their wholesale platforms.
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