home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

The MortgageGraveyard

Wholesaler Bankrupt, Closing

Alliance Bancorp ran out of resources

July 17, 2007

By COCO SALAZAR


photo of Coco Salazar

Alliance Bancorp has filed bankruptcy and closed its doors.

The Alt-A lender shut down Friday, according to a notice by President and Chief Executive Lisa Duehring posted on the company's Web site.

"We have exhausted our resources and do not have the means to move forward," she said in the message. "Therefore, it is with great sadness that I announce that we have ceased operations as of today, July 13th."

Duehring, who last month added to her role of president when she succeeded retiring CEO Mehrdad Elie, did not return a call for comment by MortgageDaily.com's deadline.

Friday also held the lender's filing for Chapter 7 bankruptcy protection in Delaware.

The Brisbane, Calif.-headquartered company estimates it has over 10,000 and up to 25,000 creditors, and assets and liabilities of more than $100 million each, according to the filing with the U.S. Bankruptcy Court District of Delaware. Alliance Mortgage Investments Inc. and Alliance Bancorp Inc. are named as affiliates that have pending bankruptcy cases. Alliance Mortgage, a Delaware corporation, owns Alliance Bancorp.

Alliance chose Chapter 7 after concluding that "the company does not have a reasonable possibility of success" in effectuating an orderly liquidation to restructure under Chapter 11 because it would have "insufficient cash and/or financing with which to operate" during the sale of its remaining assets and would be unable to meet its post-petition liabilities, the filing indicated.

A meeting with creditors is scheduled for August 15 in Wilmington, Dela., according to court documents.

Alliance described itself as "a strong, stable provider of unique products to meet borrowers' special needs, featuring flexible guidelines for maximum adaptability," and as a pioneer in Alt-A and no documentation loans first and second portfolio mortgage loans, according to its Web site.

The conduit and wholesale lender's listed loan programs included stated income stated asset loans and no income no asset loans with amortizations up to 40 years. They promoted a 680 score program with debt to income ratio up to 55 percent and a 620 score with a debt ratio of 50 percent. Interest-only options were available in some of these loan programs.

The site also listed stated income verified asset loans, prime piggybacks, and jumbo programs of up to $2 million available on a 680 score, 70 percent LTV, or 75 CLTV and a DTI of 50 or on a 620 score with 60 percent LTV, or 70 percent LTV with a DTI of 45.

"This year we've put up a valiant fight," Duehring's notice read. "One with integrity, dignity and never wavering determination, focused solely on how to succeed."

"Unfortunately the latest market was more than we were able to overcome."


Coco Salazar is an associate editor and staff writer for MortgageDaily.com.

e-mail: [email protected]


Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.


Wholesale Lending News | Directory | P r i cing Engine | Originator Newsletter
News about wholesale lenders, correspondent lenders and wholesale mortgage lending programs. Alt-A, subprime and other niche loan programs. Lawsuits between wholesalers and brokers.



Nonprime and Subprime News | Subprime Statistics
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders