HomeBanc Becomes Latest Lender To File Ch. 11

Law360, New York (August 10, 2007, 12:00 AM EDT) -- The recent mortgage industry bust has claimed yet another victim, with mortgage lender HomeBanc Corp. filing for Chapter 11 bankruptcy protection Thursday.

The Atlanta-based lender, which filed its voluntary petition for bankruptcy in the U.S. Bankruptcy Court for the District of Delaware, listed assets of $5.1 billion and debts of $4.9 billion. The filing came days after HomeBanc announced that it was withdrawing from the mortgage loan origination business, and it would no longer be accepting new mortgage loan applications or funding new loans.

“The recent...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.