UPDATE 1-First Magnus, big US mortgage lender, halts loans

Newswire

(New throughout, adds byline) By Jonathan Stempel NEW YORK, Aug 16 (Reuters) - First Magnus Financial Corp., one of the largest independent U.S. mortgage lenders, said on Thursday it has stopped funding home loans and taking mortgage loan applications because investors are not buying its loans. First Magnus said it halted lending "in light of the collapse of the secondary mortgage market," according to a statement on its Web site. "We explored all options before taking this action but ...

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