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Mortgage Lenders Network goes under Chapter 11

Wed Feb 7, 2007 06:02AM | By Tony

See more in Economy | Permalink | Email | Comments (0)

Mortgage Lenders Network USA Inc, on Monday filed for Chapter 11 bankruptcy protection, becoming one of the largest casualties among sub prime lenders as the U.S. housing market slows. That is in spite of making $3.3 billion of sub prime loans in the third quarter of 2006 alone, according to National Mortgage News.

There is nothing on the company website yet, only the usual "You would approve" claim and how simple and enjoyable the application process is.

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