DeepGreen Defunct

January 31, 2007, 3:00 p.m. EST 1 Min Read

Second-lien originator DeepGreen Financial, Cleveland, has gone out of business, according to officials close to the situation.Owned by Lightyear Capital, a New York-based investment fund, DeepGreen's telephones no longer answer, and its website has been shut down. Lightyear Capital -- headed by former PaineWebber chief Don Marron -- declined to comment. In late 2003, Third Federal Savings and Loan of Cleveland sold the online lender to Lightyear for an undisclosed sum. DeepGreen's president was mortgage industry veteran Sy Naqvi, who once headed PNC Mortgage. Mr. Naqvi could not be reached for comment. Since its inception in 2000, DeepGreen funded $5 billion in loans.

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