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Article: Correspondent Line for Sub-Subprime Shop.(Madison Equity Corp.)(Company overview)
- Article from:
- American Banker
- Article date:
- May 22, 2006
- Author:
CopyrightCOPYRIGHT 2006 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Madison Equity Corp., a specialist in making loans that even subprime lenders are reluctant to touch, has opened a correspondent channel.
In an interview last week, Jason E. Osbourne, the Gibbsboro, N.J., lender's president and chief executive, said it had already signed up three correspondent lenders since starting the division May 1 and that it had "half a dozen in the works."
Madison's borrowers "fall out of the traditional subprime bucket," Mr. Osbourne said. Often they have credit scores below 500, need the money to bail themselves out of foreclosure or bankruptcy, or cannot fully document their income, he said.
The catch is that Madison ...
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