Popular Inc. to exit wholesale subprime lending biz

January 10, 2007, 12:00 a.m. EST 1 Min Read

Popular Inc., parent company to internet financial services company E-LOAN and subprime lender Equity One, is planning to exit the wholesale subprime lending business, the company disclosed today in an 8-K filing. The company's board of directors approved a plan to exit the business during the "early first quarter of 2007." Popular will shutter the wholesale broker, retail and call center business divisions of its U.S. consumer finance and mortgage business subsidiary Popular Financial Holdings. The company is eliminating 627 jobs as a result of the closure.

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