MILA abrubtly shuts down. 300 people laid off
Posted: Fri Apr 20, 2007 6:11 pmBut hey, MLT isn't Seattle. It's like 15 miles out there, way past Shoreline.
"Mortgage Investment Lending Associates, a Mountlake Terrace-based mortgage originator, has abruptly shut down.
Founded in 1984, the company operated as a high-tech mortgage middleman, funding new mortgages before bundling them up and selling them to Wall Street investors.
According to an employee who spoke on condition of anonymity, MILA President and Chief Executive Officer Layne Sapp told all of the roughly 300 employees that they were losing their jobs, and that MILA Inc. was ceasing operations after suffering heavy losses thanks to the collapse of the nation's subprime mortgage industry. "
"Mortgage Investment Lending Associates, a Mountlake Terrace-based mortgage originator, has abruptly shut down.
Founded in 1984, the company operated as a high-tech mortgage middleman, funding new mortgages before bundling them up and selling them to Wall Street investors.
According to an employee who spoke on condition of anonymity, MILA President and Chief Executive Officer Layne Sapp told all of the roughly 300 employees that they were losing their jobs, and that MILA Inc. was ceasing operations after suffering heavy losses thanks to the collapse of the nation's subprime mortgage industry. "