Lender closures could be high this year

More lending companies may close in 2009 than in either of the previous two years, if statistics from the first quarter hold true through the rest of the year. In the first quarter this year, 50 mortgage-related companies closed, according to MortgageDaily.com, which tracks acquired, failed and struggling lenders. If this rate stays steady for the rest of the year, 200 mortgage companies are on track to close in 2009, compared to 120 in 2008 and 160 in 2007.