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Monday, July 16, 2007

Alt-A Update: Time to Stop Telling That Story, I'd Say

by Tanta on 7/16/2007 01:08:00 PM

We were just talking about getting our stories straight, and what should appear (thanks, Brian!):

This year we’ve put up a valiant fight! One with integrity, dignity and never wavering determination, focused solely on how to succeed. We have reached out to everyone we know, and many that we don’t know, to tell our story, of how we have made it this far, of the expertise and skills that we have, of the quality of our organization, and of how we have refused to lose! We have received tremendous support and loyalty from our employees and business partners during this year’s extreme conditions. So many individuals and companies have believed in us and cheered us on as we’ve dodged the obstacles thrown in our path, obstacles that many others were unable to overcome. We have had extraordinary support from our ownership and Board of Directors. They have acted unselfishly, putting the company, its employees and creditors first and foremost. They are honorable people whom I highly respect.

Unfortunately the latest market was more than we were able to overcome. We have exhausted our resources and do not have the means to move forward. Therefore, it is with great sadness that I announce that we have ceased operations as of today, July 13th.

If that left you a little breathless, here's DJ Newswire's somewhat more restrained take:
Residential mortgage lender Alliance Bancorp has filed for Chapter 7 bankruptcy and will liquidate its assets. . . . Alliance Bancorp, formerly United Financial Mortgage Corp., specialized in lending to so-called Alt-A borrowers - mortgage borrowers with credit between those of prime and subprime borrowers.

I can't wait to find out what the "obstacles thrown in their path" were . . .