Subprime C-BASS Unit Files For Chapter 11

Law360, New York (November 27, 2007, 12:00 AM EST) -- Fieldstone Mortgage Co. joined the ranks of subprime mortgage lenders seeking bankruptcy protection when it filed a Chapter 11 petition on Friday, about four months after it was acquired by Credit-Based Asset Servicing and Securitization LLC.

Columbia, Md.-based Fieldstone said it had debts in excess of $100 million, and between $1 million and $100 million in assets. For the year ended Dec. 31, 2006, Fieldstone originated about $5.5 billion in mortgage loans, and had about 1,000 employees at the end of 2006, according to court papers...
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