It’s yet another casualty in the non-QM space – California-based Athas Capital Group is winding down its operations and laying off more than 200 employees due to the challenges in the secondary market. 

Executives at the mortgage lender announced their decision in a letter sent on Wednesday to business partners and employees, which was reviewed by HousingWire. According to the document, Athas is winding down, effective immediately, but will honor loans in its pipeline that it’s legally obligated to fund.  

Industry veterans Alim Kassam, Brian O’Shaughnessy and Kevin O’Shaughnessy founded Athas Capital Group and its in-house financing arm Rama Capital when the details ⇒

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