As the mortgage mess widens, Donald Trump has pulled the plug on Trump Mortgage less than two years after its launch.
Plagued by bad timing and the disclosure that the firm’s chief executive, E.J. Ridings, had inflated his credentials, the outfit never came close to reaching its financial goals, according to a report today in Crain’s New York Business.
Instead of doing $3 billion in deals as promised, it barely reached the $1 billion level, the report said.
Trump played down his role in Trump Mortgage, saying it was just a licensing deal and he didn’t have an ownership stake.
Trump is, however, licensing his name to First Meridian Mortgage, a lender that is being renamed Trump Financial.
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