B&C Wholesaler Cuts Jobs, Halts Funding

Millennium Funding Group, a nonprime wholesaler based in Indianapolis, laid off some of its staff the week of April 23 and has stopped accepting new loans, company officials have confirmed to MortgageWire.Joe Bell, the head of human resources for Millennium, would not say how many workers were cut, but said the company is "not doing any new deals." He added: "We're hoping for the market to correct so we can hire these people back." One former account executive for Millennium said the company funded $1 billion back in 2005. The AE said, "It's too bad. They employed a lot of good people." No production figures for Millennium were available for 2006 or 2007. Its product menu included alternative-A and subprime loans.