Fifth Third Says ?No Way? to Alt-A

A new memo from Fifth Third notifies recipients that effective immediately (with a little time to fund the existing pipeline) that the bank is out of the Alt-A business entirely. And in a refreshing turn - all sales channels are affected. Retail and wholesale alike will lose Alt-A products previously offered by the "super-regional" bank. Here's a copy of the announcement: Important Announcement Please circulate as appropriate BULLETIN Announcing Alt A Lending Program Discontinued Effective In All Channels To: All Mortgage Sales and Operational Personnel Fifth Third Mortgage is announcing they are discontinuing offering Alt A lending programs in all Channels. What needs to happen in managing your pipeline: Retail/Direct: All Alt A applications in the pipeline dated on or before Monday Ma