Trustee Objects To Mortgage Lenders' Investments

Law360, New York (June 18, 2008, 12:00 AM EDT) -- The U.S. trustee overseeing the Chapter 11 proceedings of Mortgage Lenders Network USA Inc. has objected to the bankrupt lender’s proposal to invest $17 million in assets in a money market account.

In an objection filed Tuesday in the U.S. Bankruptcy Court for the District of Delaware, acting U.S. Trustee Roberta A. DeAngelis said Mortgage Lenders’ proposed investment was risky because the funds would not be “insured or guaranteed by the United States or any department, agency or instrumentality thereof (including the FDIC), and are not...
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