Citing legislation intended to curb high cost mortgages, Delta Funding, Woodbury, N.Y., a top 30 ranked subprime funder, has pulled out of the Georgia market. Company general counsel Peter Wagner confirmed to MortgageWire that the subprime residential firm would no longer lend in the state.Delta, he said, is closing its Atlanta office, and laying off 15 people. "There is no secondary there," he said. "Not many are willing to buy any more." Delta securitizes its subprime production but also disposes of product through the whole loan market. Several lenders have exited the state since enactment of the Georgia Fair Lending Act, including Countywide Home Loans, New Century, and Option One, to name a few.
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