JPMorgan Threatens HomeBanc With Foreclosure

Law360, New York (August 14, 2007, 12:00 AM EDT) -- JPMorgan Chase Bank NA, a secured creditor of bankrupt mortgage lender HomeBanc Corp., has asked the court for assurance that its claim of more than $67 million will be repaid.

In the motion filed with the U.S. Bankruptcy Court for the District of Delaware on Saturday, JPMorgan sought adequate protection of its assets or, in the alternative, relief from the automatic stay to pursue a foreclosure of the amount owed. The bank wants to stop HomeBanc from dipping into cash collateral in order to run its...
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