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Lender Bankruptcies Suggest Deeper Trouble

Law360 (February 6, 2007, 12:00 AM EST) -- The recent Chapter 11 filing of subprime mortgage lender Mortgage Lenders Network USA is raising larger questions about the implications of the distress facing this financial sector.

On Monday, Mortgage Lenders Network filed for Chapter 11 protection, the latest in a slew of subprime home-loan providers to capitulate in the face of myriad pressures.

In December, Ownit Mortgage Solutions and Sebring Capital Partners both filed for Chapter 11, heralding a wave of bankruptcies in this industry, which insiders fear will continue.

“We will definitely see more...
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