Quality Home Loans Looks To Retain Irell & Manella

Law360, New York (October 5, 2007, 12:00 AM EDT) -- Bankrupt lender Quality Home Loans is seeking to continue employing Irell & Manella LLP as its general reorganization counsel, saying the firm is disinterested even though it recently acted as “placeholder” counsel for other related bankrupt parties.

Before it declared bankruptcy, Quality’s mortgages were funded partly by three investment funds. Quality also had an agreement with subprime lender Countrywide Home Loans whereby Countrywide would periodically securitize pools of Quality’s loans using real estate mortgage investment conduits.

Quality was driven to bankruptcy shortly after Countrywide backed out...
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