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Subprime Lender SouthStar Files For Ch. 7

Law360 (April 13, 2007, 12:00 AM EDT) -- Mortgage lender SouthStar Funding LLC, whose business includes offering mortgages to people with subpar credit, faces liquidation after seeking Chapter 7 protection, a development that comes of the heels of calls for federal regulation of home loan lenders.

SouthStar, which had recently announced that it would cease its mortgage lending operations, filed its bankruptcy petition in the U.S. District Court for the Northern District of Georgia on Wednesday, listing assets and debts both in excess of $100 million.

Thursday, Washington Mutual Bank, identified in court papers...
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