Wednesday, March 21, 2007

People's Choice Files for Chapter 11

The privately held lender, People's Choice, filed for chapter 11 bankruptcy protection this week. The lender has been hard hit by the news of record number of home loans going into foreclosure, led by the subprime sector. People's Choice is only the latest to join the list which includes Mortgage Lenders Network USA Inc., Ownit Mortgage Solutions Inc., and ResMae Mortgage Corp., which all filed for bankruptcy protection as well. Filing the same day as People's Choice Home Loan was People's Choice Funding Inc. The companies are both subsidiaries of People's Choice Financial Corp., a real estate investment trust. Both subsidiaries estimate they have more than $100 million each in assets and liabilities. People's Choice Home Loans posted the following statement of their website, "People’s Choice Home Loan, Inc. is unable to continue the origination or funding of mortgage loans, and no new loans are being accepted. We are in the process of contacting customers and brokers to inform them that we’re returning their loan applications, and to assist them in obtaining funding for pending loans."

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