First Magnus: Boom to bust in three weeks.

From: AZ Daily Star (Tucson, AZ) | Date: August 19, 2007 | Copyright information

Byline: Becky Pallack

Aug. 19--First Magnus, one of Tucson's largest employers and one of the nation's largest mortgage lenders, grew astronomically right up until it suddenly stopped writing home loans and laid off most of its work force on Thursday.

How could the rising star that had never had an unprofitable month collapse overnight?

Analysts say easy credit fueled First Magnus' success -- and buried the company when credit became hard to get. ...

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