Robert McLister·General·May 20, 2008First National Excalibur Another non-prime product line bites the dust. First National has discontinued its Excalibur “Alt-A” mortgage products as of last Friday. The company said the move resulted from “increased competition from the mortgage insurers in the Alt-A segment and the volatility in the credit markets that first arose last summer.” 95% of Excalibur’s business was with self-employed borrowers who weren’t able or willing to prove income in the traditional way. The company will replace the Excalibur line with an insured product. First National is the biggest non-bank residential mortgage lender in Canada. It originated $109 million of Alt-A mortgages last quarter and $721 million in 2007. Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.