MortgageIT Discontinues Subprime Lending

In a letter to brokers dated yesterday MortgageIT, a subsidiary of Deutsche Bank, announced it is no longer originating or funding subprime loans.   No word on the fate of loans currently in process; as the letter only suggests the ever-nebulous "call for more info." If anyone hears about loans in process please let us know in the comments.  Here is a copy of the letter sent out: To Our Valued Business Partners: This is to inform you that, in light of the current conditions in the secondary mortgage market, effective immediately, we are discontinuing our subprime mortgage product offerings. If we are currently processing a subprime mortgage loan for you, please contact your Account Executive for additional information. We continue to carefully monitor the markets and will r