Wow! Maybe this is where the real estate bubble really did indeed burst… and it couldn’t have happened to a nicer group of guys.
MLN, based in Middletown, Conn., which last year is reported to have lent more than $12 billion, is the fourth lender to withdraw from the subprime market in the last two weeks. Ownit Mortgage Solutions has declared bankruptcy and shut down, citing “the current unfavorable conditions of the mortgage industry.” Option One Mortgage, a unit of H&R Block Inc., and ACC Capital Corp., the private holding company for Ameriquest Mortgage Co. and affiliates, are both for sale.
Here another article on the same event.