Another Subprime Lender Files For Ch. 11

Law360, New York (March 20, 2007, 12:00 AM EDT) -- People’s Choice Home Loan Inc. filed for Chapter 11 on Tuesday, becoming the latest subprime mortgage lender to succumb to increasing pressures in the financial sector.

The Irvine, California-based company’s filing marked yet another major U.S. subprime home-loan provider to collapse into bankruptcy in the last three months. As lenders face declining housing sales and escalating delinquencies and defaults, more than two dozen have deserted the industry in the last year and many that remain could face a stint in bankruptcy to survive.

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