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
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