First Horizon Home Loans, Irving, Texas, has decided to exit the subprime wholesale channel, citing razor-thin profit margins and low bids on loan pools."There's no money to be made from it," said Terry Renoux, president of consumer lending for the bank-owned company. About 60 to 65 workers are affected by the closure, which came on April 11. In 2006 First Horizon funded about $1.5 billion in subprime loans through wholesale and retail means. (For full details, see the April 16 issue of National Mortgage News.) The company is a subsidiary of First Tennessee National Corp., which can be found online at http://www.firsttennessee.com.
Processing Content
