Another Mortgage Lender Tumbles Into Bankruptcy

Law360, New York (July 16, 2007, 12:00 AM EDT) -- Alliance Bancorp Inc. on Monday became the latest mortgage lender to tumble into bankruptcy, filing for Chapter 7 protection after consuming all resources and finding that it no longer had “means to move forward.”

The Brisbane, Calif.-based mortgage broker listed over $100 million in assets and liabilities when it petitioned for bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. It also estimated that between 10,000 and 25,000 creditors will be involved in the case.

The company has received a great deal of...
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