Nationstar Mortgage, Dallas, on Friday closed its subprime wholesale division, which ranked 18th nationwide.A posting on the lender's broker site says, "We have made the decision to stop all wholesale originations effective September 21, 2007," but offers no other details. Company executive Rick Cardillo, who manages secondary marketing for Nationstar, had not returned a telephone call as of MortgageWire's deadline. In March 2006 Fortress Investments, a publicly traded investment fund, paid $585 million for Centex Home Equity, a nondepository subprime lender/servicer. It then changed the lender's name to Nationstar Mortgage. Nationstar is also a retail originator. In the second quarter it funded $609 million through that channel, a 33% decline from the level recorded a year earlier, according to the Quarterly Data Report.

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