First Magnus halts loans.

From: AZ Daily Star (Tucson, AZ) | Date: August 16, 2007 | Copyright information

Byline: Jack Gillum, Christie Smythe and

Aug. 16--First Magnus Financial Corp., a mortgage lender that is one of Tucson's only locally based national firms and one of the area's major employers, is no longer writing loans as of this morning.

It's unclear what the action means to customers who have mortgages pending with the company, which employs hundreds locally. It is the latest example of woes in the nation's mortgage industry, which are blamed on delinque...

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