Financial Fail Friday: Two More Mortgage Lenders Go Belly Up

The long awaited bankruptcy filing of Thornburg Mortgage has finally occurred, according to FT Alphaville’s Stacy-Marie Ishmael. The company filed for Chapter 11 banktupcy, reveal that it had just $500 million of assets and more than $1 billion of debts.

Meanwhile, Accredited Home Lenders, which was acquired for $296 million in 2007 by the private equity group Lone Star, is filing for bankruptcy today. Reuters reports that Accredited was one of the largest players in the subprime mortgage mortgage market during the housing boom. 

 

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