Mortgage Lenders Network USA, the 15th-largest subprime mortgage lender in the United States, filed for bankruptcy protection this week. About 80 percent of the company's billions of dollars in annual mortgage loans are made through brokers.
It might be unsurprising that a subprime lender would find itself in financial trouble at a time when mortgage foreclosures are climbing so rapidly, but the economy isn't Mortgage Lenders' only problem. The company is reportedly facing millions of dollars in fines from state regulatory agencies.
The company laid off more than half of its 1,600 employees late last year.
Tags: bankruptcy, foreclosure, Home Foreclosure, mortgage lenders network, mortgage loans, subprime mortgage lenders
This entry was posted on Wednesday, February 7th, 2007 at 11:56 am and is filed under Home Foreclosure. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
I would like to know who can negotiate the sale of Goergia properties
Can you tell me who now can negotiate the sale of a Florida property in which Mortgage Lenders Network USA, Inc. holds (held) the mortgage note?