OceanFirst Financial Corp. said it decided to close down its mortgage banking subsidiary as the unit incurred significant operating losses in the last two quarters from subprime mortgage loan originations.
The bank holding company estimates $900,000 in employee severance and lease cancellation charges related to the closure of the unit, Columbia Home Loans LLC, it said in a filing with the U.S. Securities and Exchange Commission.
"The discontinuation of Columbia's operation is expected to be completed within six months," the filing said.
On April 25, OceanFirst had said it was in talks with an interested party on the sale of Columbia Homes and that it would shut down the unit if the talks failed.
having worked many years for Columbia Loans and knowing about the obscene amt of money made from subprime loans by th officers, all at the expense of naivehome buyers - I say "good riddance"; Thank heavens I bailed when I did. I hope Mr. Richard Pardes is retired and far away from the mess his son Robert made of his once-great company.
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