Subprime wholesaler Investaid Corp. of Southfield, Mich., has closed its doors, according to industry officials.As of MortgageWire's deadline, the company could not be reached for comment. On Wednesday its telephone switchboard was not retrieving calls. It specialized in funding subprime loans with FICOs ranging from below 500 to 600, but it also did higher-credit-quality loans. An e-mail message reportedly written by one Investaid official explains, "The conditions in the market continue to collapse and the pressure placed upon our affiliated bank from the regulatory agencies with regards to subprime is impossible to bear." The e-mail message could not be verified.
Processing Content
