[citation needed] The company's closure was announced on August 5, 2007, as the result of a poor economy and Ridings' exaggeration of his credentials.
[citation needed] I knew in my heart and soul that Trump Mortgage can make a difference in this gigantic industry.
Ridings, the president and chief executive officer of Trump Mortgage, said the company planned to acquire warehouse lines, allowing it to fund loans by itself by the end of 2006.
[11] Lee Bienstock, a contestant on the fifth season of Trump's reality television series, The Apprentice, became associate vice president of corporate development in August 2006.
[17] In December 2006, Ridings reiterated an earlier statement in which he believed that the company would be doing $100 billion in annual loans in five to 10 years; he considered this to be "extremely likely.
[5][11] According to former Trump Mortgage manager Jan Scheck, who left the company after one year, Ridings lacked leadership.
[1] On August 5, 2007, it was announced that the company would close because of a poor economic market and Ridings' exaggerated credentials.
[5][20] Donald Trump stated that he did not have ownership in the company and that his role was limited to a name licensing deal.
[1][11] David Brecher, the president of First Meridian, blamed bad timing for the demise of Trump Financial.