Question:

Who are the Mortgage Lenders Network USA, Inc (MLN)?

Answer:

The Mortgage Lenders Network USA, Inc (MLN) is a non-prime lender approved by HUD - the Department of House and Urban Development. The Mortgage Lenders Network USA, Inc is based in Middletown, Connecticut, and is a subprime loan retail originator and a loan servicer.

As of January 2007, the Mortgage Lenders Network USA Inc has filed for bankruptcy court protection. They have announced more than 7000 creditors and a huge amount of debt.

The Mortgage Lenders Network USA, Inc (MLN) is the third largest subprime mortgage provider and servicer in the U.S. They hold a strategic portfolio of loans in value of $17.8 billion. Before filing for bankruptcy, they were involved in negotiations with some Wall Street companies and MLN temporarily had discontinued their wholesale operations due to the instability of the wholesale mortgage market.

The Mortgage Lenders Network USA Inc filed for bankruptcy at a time when banking regulators started seeking millions of dollars from the company to compensate for he loan hey began to underwrite and promised to close before they suspended operations.

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