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First Permanent has reportedly withdrawn from the mortgage market.
Press reports this week said the firm, which is funded by Merril Lynch, will cease processing all new loan applications but will continue to service existing loans.
The news comes as Merril Lynch is set to report new write-downs of US$6-8 billion ($6.4-8.6 billion), according to The Wall Street Journal.
Mortgage Business was unable to contact First Permanent; the lender’s website was also down.
Published: 17-04-08
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