C-BASS-Owned Fieldstone Mortgage Closes

The C-BASS-owned Fieldstone Mortgage of Maryland - which ceased funding loans in late July - has closed its doors and is no longer taking any applications, according to a posting on its website."We will continue to work with customers and brokers in providing them with information," Fieldstone said. A non-prime lender, Fieldstone ranked 26th among subprime funders last year, according to the Mortgage Industry Directory. The New York-based C-BASS, which is owned by two publicly traded mortgage insurers, has troubles of its own. In July it was hit by what its parent companies called an "unprecedented amount" of margin calls. In the wake of the margin calls MGIC and Radian wrote down their interest in C-BASS by $1 billion. The two MIs tried to sell some of C-BASS's assets, including its Litton Loan Servicing unit, but a deal with Goldman Sachs fell apart.