Two Lenders File Chapter 11

nders, Accredited Home Lenders Holding Co. and Thornburg Mortgage Inc., have filed for Chapter 11 bankruptcy. Accredited is in the process of selling its remaining financial assets, including its real estate owned portfolio and mortgage servicing platform, and it expects to shortly file a motion with the bankruptcy court regarding the sale of these assets. ‘The erosion of the market for nonprime residential mortgage loans, combined with the tightening credit environment and the burden of substantial legacy claims, made today's action unavoidable,’ says Meade Monger, who has been appointed chief restructuring officer. ‘Proceeding expeditiously with a sale of the company's remaining financial assets will streamline the Chapter 11 process and enable us to effectuate an orderly wind-down and maximize value for all constituencies.’ Thornburg, which specialized in jumbo mortgages, [u][link=http://www.mortgageorb.com/e107_plugins/content/content.php?content.3275]announced in early April[/link][/u] that it would seek Chapter 11 protection. According to a [link=http://uk.reuters.com/article/marketsNewsUS/idUKWEN837820090501][u]Reuters report[/u][/link], Thornburg wants to sell its Adfitech unit and has hired investment bank Houlihan Lokey to conduct the sale process. SOURCES: Accredited Home Lenders Holding Co.,

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