Thursday, January 04, 2007

Ownit Files Chapter 11

From the article:

In its filing, Ownit listed its assets as between $1 million and $10 million and said it owed $170 million to its 20 biggest creditors. By far the biggest portion of the debt resulted from soured mortgages, although Dallas said glitches in recording payments and other technical problems also played a role.

Glitches? What is all that about?

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