Barclays Closes EquiFirst Business

Barclays Plc has shut down its U.S.-based mortgage origination arm, EquiFirst, according to a Reuters report. Barclays bought EquiFirst, a subprime lender, in March 2007 for $76 million.

A message on EquiFirst's Web site states that the company has ceased lending operations and is no longer accepting loan applications. EquiFirst plans to continue to process recently submitted applications.

SOURCES: Reuters, EquiFirst

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