Saturday, December 30, 2006

Ownit seeks bankruptcy protection

From the LATimes.com website :

The sub-prime lender, a casualty of the changing mortgage market, owes more than $165 million.

By E. Scott Reckard, Times Staff WriterDecember 30, 2006

Ownit Mortgage Solutions Inc. of Agoura Hills, which shut down abruptly early this month, has filed for bankruptcy protection, saying it owes more than $165 million to Merrill Lynch & Co. and other financial firms that bought Ownit loans now in default.

The petition, filed late Thursday in federal bankruptcy court in Van Nuys, was made in response to lawsuits filed by two creditors, said William Dallas, Ownit's chief executive and sole director.

He said if he had not filed the Chapter 11 petition, his 800 former employees would never receive the wages and commissions they are owed."Once you file Chapter 11 employee claims become the No. 1 priority," Dallas said in an e-mail Friday.

Assuming that the court approved his plans, he added, "once we file our 2006 tax return I will have enough money to pay them what they deserve."The filing is a sign of the stresses felt by so-called sub-prime lenders such as Ownit, which make higher-cost loans to borrowers with poor credit or limited incomes.

Ownit grew rapidly over the last few years, becoming a top 20 lender nationally in the sub-prime niche, but the closely held company turned unprofitable as interest rates and homes prices rose and competition for a shrinking customer base intensified.



Looks like some of these brokers posts are coming true.


6 comments:

Bakersfield Bubble said...

FAQ's

1) Is the company filing a bankruptcy?

Unknown.

2) Will we be reimbursed for outstanding expense?

Unknown.

3) Will AE's be paid thru November??

Unknown.

Bakersfield Bubble said...

That was fromt their website:

http://www.ownitmortgage.com/

Anonymous said...

All the former Ownit subprime loan shisters, oh I mean loan officers can go work for Mortgage Lending Network. Just go down and apply. Guess again they are going down the tubes too. How about a nice career in burger flipping. Better yet go back to school and learn something that helps our economy, instead of screwing people with toxic loans.

Anonymous said...

Where are all the subprime loan officers. Sign on and comment. Don't you have any meaningful comments about Ownit or Mortgage Lending Networks going down the tubes. You can talk about how you screwed somebody over with a neg am loan that adjusting in a year indexed to LIBOR or something like that. We can all get a big laugh. You can say cool things about how you are the best predatory lender of them all.

Bakersfield Bubble said...

LMAO!!

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