Accredited Home Sale To Vericrest Gets Judge's OK

Law360, New York (July 1, 2009, 12:00 AM EDT) -- Over creditor objections, a judge has approved the controversial sale of the mortgage servicing platform of bankrupt Accredited Home Lenders Holding Co. to Vericrest Financial Inc.

In an order Friday, Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware approved the deal.

In June, Accredited Home Lenders asked to sell the mortgage servicing platform to Vericrest for $250,000. Vericrest is owned by private equity manager Lone Star Funds, which acquired Accredited Home Lenders in 2007 for $296 million.

The deal was...
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