Out Of Cash, Aegis Mortgage Files Ch. 11

Law360, New York (August 14, 2007, 12:00 AM EDT) -- The beleaguered mortgage market claimed another victim Monday, when Aegis Mortgage Corp. and some of its lending affiliates filed for Chapter 11 bankruptcy protection.

The Houston-based lender, which focused a majority of its business on Alt-A and subprime loans, filed a voluntary petition for Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware, listing assets and debts of over $100 million each. The privately-held lender is partly controlled by hedge fund Cerberus Capital Management LP, which is a unit of AMC’s major equity...
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