Another Arizona Mortgage Lender Files For Ch. 11

Law360, New York (August 29, 2007, 12:00 AM EDT) -- One week after First Magnus Financial Corp. filed for bankruptcy, another Arizona-based private mortgage lender has veered into Chapter 11.

Spectrum Financial Group Inc. filed its voluntary petition for Chapter 11 on Tuesday in the U.S. Bankruptcy Court for the District of Arizona. The Scottsdale, Ariz.-based company focused its business mainly on residential loans which it presold to a third party.

The company, which claims to be the largest private mortgage brokerage in Arizona, listed assets and debts of under $100 million.

According to the company’s...
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