HomeBanc Corp Stops Mortgage Loan Originations

Unable to borrow on its lines of credit and unable to fund its mortgage loan funding obligations starting Aug. 6, HomeBanc Corp. reported Tuesday it will leave the mortgage loan origination business. Atlanta-based HomeBanc said does not plan to fund any future mortgage loans, and is no longer accepting any mortgage loan applications or funding any mortgage loans previously originated and not yet funded. The company said it is investigating a course of action to preserve the value of its remaining assets.

HomeBanc also said it will sell up to five retail loan origination branches in Georgia, Florida and North Carolina to Calabasas, Calif.-based Countrywide Financial Corp.