Trump Mortgage Joins The Subprime Lending Graveyard

According to Financial Week:

• "Donald Trump has pulled the plug on Trump Mortgage less than two years after its launch. Plagued by bad timing and the disclosure that the firm’s chief executive had inflated his credentials, the mortgage brokerage never came close to reaching its financial goals. Another reason the company stumbled is that it expanded too quickly, instead of taking the time to build relationships with brokers and lenders."

Reportedly, "[t]he company was building a business in the subprime arena just as that market was spinning out of control." Trump will still have his name on a mortgage company as established lender, First Meridian Mortgage, has obtained licensing rights to the Trump name and will rename itself Trump Financial. For more, see Trump Mortgage, ‘You’re foreclosed’ (Weak market, bad timing, exec’s troubles doom firm).