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HomeBanc Mortgage files for Ch. 11 [View All]

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CurtEastPoint Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-10-07 02:27 PM
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HomeBanc Mortgage files for Ch. 11
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Source: Atlanta Journal/Constitution

HomeBanc Corp., the Atlanta-based mortgage lender that ceased new loan applications this week, has filed for Chapter 11 bankruptcy protection, the company's investor relations director said Friday.

The filing was made late Thursday in Wilmington, Delaware, said Carol Knies, HomeBanc's vice president of investor relations.

HomeBanc, which had been reorganizing operations amid stress in the housing market, said Monday it would sell its mortgage operations and related assets to Countrywide Financial Corp. because its no longer could access its credit lines to fund new loans.

HomeBanc has listed assets of $5.1 billion and debt of $4.9 billion according to the 22-page filing. Among its biggest creditors: JPMorgan Chase & Co., Fannie Mae, Freddie Mac, Wells Fargo Bank, Commerzbank AG, U.S. Bank, PriceWaterhouseCoopers and BNP Paribas.

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  -HomeBanc Mortgage files for Ch. 11 CurtEastPoint  Aug-10-07 02:27 PM   #0 
  - The house of cards is starting to teeter on the edge  nadinbrzezinski   Aug-10-07 02:28 PM   #1 
  - Thank heaven people with mortgages can reorganize under bankruptcy  wryter2000   Aug-10-07 02:30 PM   #2 
  - Another one bites the dust.  AndyA   Aug-10-07 02:32 PM   #3 
  - say, why don't we cut taxes for corporations? that ought to fix it  antifaschits   Aug-10-07 03:05 PM   #4 
  - I'm still seeing TV ads for Countrywide  Warpy   Aug-10-07 03:07 PM   #5 
  - Countrywide is the company to which HomeBanc sold its assets.  krkaufman   Aug-11-07 04:23 PM   #8 
  - Weekend news from your roving reporter, Cliss.  cliss   Aug-11-07 01:51 PM   #6 
  - Heard the Wells Fargo rumor but haven't seen any  mountainvue   Aug-11-07 03:31 PM   #7 
  - 4.9 billion  Turbineguy   Aug-11-07 05:12 PM   #9 
  - When the walls come tumbling down.  sarcasmo   Aug-11-07 08:31 PM   #10 
  - waiting to see what happens on Monday  kineneb   Aug-11-07 08:41 PM   #11 
     - THREE TIMES!  Bushwick Bill   Aug-11-07 09:06 PM   #12 
 

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