Carteret Mortgage Corporation

Carteret Mortgage Corporation is a national mortgage broker based in Centreville, Virginia and operating in 49 states. Carteret Mortgage employs, as of 2007, over 1700 loan officers employed from a wide range of social and economic backgrounds. [http://www.inc.com "INC 500"] listed Carteret as the 59th fastest growing private company in 2003. The company is known for a non-tradional business model. The company allows employees to earn residual income by recruiting and managing other employees. Each loan officer has the ability to recruit and mentor others. Likewise, each loan officer has a mentor they turn to for help. With this business model, teamwork helps maintain the lines of communication and motivation to the sales force. A more detailed explanation of how this works can be found at [http://www.jobsforloanofficers.com "JobsForLoanOfficers.com"] . Carteret was started in 1995 by Eric Weinstein. The brokerage started small but grew quickly because of one simple decision. Mr. Weinstein agreed to allow someone to work under his license and share a small amount of the profit with him. One thing led to another and soon others were asking to work with him. More about how this company started can be found in an article entitled " [http://www.jobsforloanofficers.com/news.php "My Story"] ". Eric Weinstein was also featured in the [http://www.jobsforloanofficers.com/news.php "American Executive"] .

* August 26th, 2008 Eric Weinstein says they are out of money and will be closing the doors soon.

"Carteret Mortgage Corp., a closely held mortgage broker that originated more than $4 billion in loans in 2006, plans to close in several weeks, said Chief Executive Officer Eric Weinstein."

``We ran out of money," Weinstein, 49, said in an interview today. ``We're not technically out of business yet, but we're winding it down and trying to do the best we can for everybody."

Weinstein said the ... company has about 800 employees.

From Bloomberg, Tuesday, August 26, 2008