‘Out of business overnight’

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News item: Phoenix-based mortgage lender First Magnus files for bankruptcy protection, less than a week after suspending operations. First Magnus fired 99% of its 6,000 employees last Thursday.

‘’The company went out of business overnight,’’ spokesman Gary Baraff said. ‘’Three weeks ago we were at the apex of the company’s history. Everything was falling into place for us, and we had remarkable momentum across the country. It was shocking to everyone that essentially the secondary market collapsed.’’

That’s a big company to disappear that quickly.

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