Online Bank, Lender Seeks Chapter 11 Protection

Law360, New York (October 1, 2007, 12:00 AM EDT) -- Internet bank NetBank Inc. has become the latest casualty of a tumultuous mortgage lending market, selling $700 million in mortgages to EverBank on the heels of filing for bankruptcy in Florida and being shut down by government regulators.

On Monday, financial services firm EverBank announced that it had picked up approximately $700 million of NetBank's mortgage assets.

On Friday, NetBank had filed a voluntary Chapter 11 petition in the U.S. Bankruptcy Court for the Middle District of Florida. The same day, the Department of the Treasury's...
To view the full article, register now.