Subprime Lender Stops Loans, Slashes Workforce

Law360, New York (August 22, 2007, 12:00 AM EDT) -- Accredited Home Lenders Holding Co. has stopped accepting new U.S. loan applications, will cut its workforce by more than half and shutter its 60 retail branches as well as five of the company's ten wholesale divisions in response to tumultuous conditions in the subprime mortgage industry.

After warning that it could be driven into bankruptcy in a recent regulatory filing, San Diego-based Accredited Home Lenders on Wednesday announced that it was making moves to streamline the company's operations, and that after the changes were complete, the...
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