Transnational Financial Network Inc., San Francisco, has announced the suspension of its wholesale mortgage lending operations and the closing of one of its retail mortgage offices.Transnational said its Campbell, Calif., office has been closed and the company's staff has been reduced "to a handful of senior people" who will continue its San Francisco retail operations. "The turmoil in the mortgage industry has made wholesale mortgage operations almost impossible," said Joseph Kristul, Transnational's chief executive officer. "Buyers of mortgages have ceased to fund broad categories of mortgages, often refusing to honor previous commitments to purchase mortgages that we have funded.... With our severely diminished capital base, we lack the resources to continue wholesale operations in this environment." The company can be found online at http://www.transnational.com.
