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Delta Financial Files For Ch. 11 Protection

Law360 (December 17, 2007, 12:00 AM EST) -- Joining a long list of failed lenders crippled by this year's mortgage meltdown, Delta Financial Corp. filed for bankruptcy on Monday, according to published reports.

The loan originator's petition to the Delaware bankruptcy court was expected after the company revealed on Thursday that it planned to stop taking mortgage applications and planned to file for Chapter 11 protection.

The Woodbury, N.Y., lender was hoping to be bailed out by investment adviser Angelo Gordon & Co. LP but could not sell or refinance $500 million in loans...
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