Nationstar Exits Subprime

Subprime lender Nationstar Mortgage -- which is owned by hedge fund giant Fortress Investment Group -- says it is no longer funding A-minus to D loans."Due to the recent market disruption, we now only originate conforming Fannie Mae loans," Nationstar executive vice president Steve Hess told MortgageWire. In March 2006, a unit of Fortress Investment Group agreed to purchase Centex Home Equity Co., Dallas, in a deal valued at about $575 million. After the sale, Fortress changed CHEC's name to Nationstar. At the time of the deal, CHEC was the nation's 28th-largest subprime lender. The lender no longer discloses its production or servicing figures to the public. Nationstar can be found online at http://www.nationstarmtg.com.