Marin's GreenPoint Mortgage Closes Its Doors
Another one bites the dust:
Citing market volatility and tight liquidity, the parent company of GreenPoint Mortgage shut down the Novato-based lender Monday and announced plans to cut 1,900 jobs, including 430 in the Novato area.
GreenPoint itself had a round of layoffs in April, cutting nine employees in Novato and 61 elsewhere in the company.
The layoffs at Greenpoint mark the latest round of bad news for Marin's mortgage finance sector. In recent months layoffs were announced at several other finance houses, including Pro30 Funding in Novato, which laid off 40 employees, and Paul Financial LLC, which laid off 25 in San Rafael.
The Novato headquarters… is both a regional branch office and home to national support staff in human resources, information technology, training, accounting, marketing and legal services.
GreenPoint specializes in no-documentation and Alt-A mortgage loans for borrowers with slightly better credit than subprime borrowers.