Subprime Lender Accredited Files For Ch. 11

Law360, New York (May 1, 2009, 12:00 AM EDT) -- Subprime mortgage banker Accredited Home Lenders Holding Co. has filed for Chapter 11 bankruptcy protection citing “extremely challenging” conditions in the market for home loans and residential real estate.

Accredited filed for bankruptcy Friday in the U.S. Bankruptcy Court for the District of Delaware, along with several affiliates and subsidiaries.

In a statement, the company said it would start an orderly wind-down of its operations, and noted it was in the process of selling its remaining financial assets, including its mortgage servicing platform and its portfolio...
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