Finance News: First Magnus Halt Loans?

First Magnus Financial, a well-known and well-used mortgage lender that is seen as Tucson’s main, locally based national firm and also known for being a significant major employers of the area, has recently announced that they shall no longer be writing loans, as of this morning.

Noone seems to be quite sure yet what the problem is or why it occurred, but something major obviously must have happened in order for such a well-established mortgage-lender to break down like this.

“Nearly all the people that I care about in this world have relied on this great company to raise their families and grow professionally,” Lutz, the president and founder of Great Southwest wrote.

“While many of the questions that you will have I cannot answer tonight, I wanted to give each of you some time to call your people before that notice goes out.”

What do you think caused this havoc?