Laughlin Ranch Bankrupcy

The latest news on the Lords bankruptcy. Multiple homes and land parcels by one of the builders in the subdivision have been auctioned in recent months also.

Lords looks to ‘move forward'
By NEIL YOUNG/The Daily News
Monday, September 17, 2007 9:08 PM PDT

BULLHEAD CITY - “Everything seems to be tracking as planned,” said Laughlin Ranch President David Lords regarding his bankruptcy proceedings.

It was announced on July 13 that Laughlin Ranch had filed for bankruptcy under Chapter 11 and a California-based company was interested in buying the master-planned upscale community on the Bullhead Parkway.

The bankruptcy was filed “in order to implement a planned acquisition of Laughlin Ranch by The Lewis Group of Companies,” a press release stated.

“Between now and October is their due diligence time,” Lords said of Lewis. “And then at that point, we move forward,” in late October, he said. During due diligence, a potential investor analyzes and appraises a business.

With an infusion of $10 million from Lewis to keep Laughlin Ranch going, it's business as usual, according to Lords. “All operations are open.”

http://www.mohavedailynews.com/articles/2007/09/18/news/top_story/top1.txt

Mortgage Lender's Bankruptcy May Threaten Thousands of Homeowners

As more lenders file bankruptcy, this could become a bigger problem.

http://online.wsj.com/article/SB118955540976824460.html?mod=yahoo_hs&ru=yahoo

By PEG BRICKLEYSeptember 12, 2007; Page A15
Thousands of homeowners face an "imminent risk" of losing their homes because of clashes between American Home Mortgage Investment Corp. and its former financial backers, according to Freddie Mac, a government-chartered housing financier.

In documents filed with the U.S. Bankruptcy Court in Wilmington, Del., Freddie Mac said it seized $7 million that homeowners sent to American Home to cover principal and interest payments, property taxes and insurance just before the company's Aug. 6 collapse. American Home quit making payments to tax authorities and insurance companies Aug. 24.

Freddie Mac said 4,547 loans valued at nearly $797 million are at stake. It said it doesn't have the loan files necessary to pay insurance premiums and property taxes on them, however. "Therefore, there is the imminent risk that borrowers' insurance policies may lapse for nonpayment, subjecting the borrowers to a risk of loss of their mortgaged properties," Freddie Mac said.

Retirement Funds Vanish as Bankruptcies Hit Tax-Deferred Scheme

By Erik Larson

Sept. 11 (Bloomberg) -- Marsha Slotten's bad news came in April by e-mail, from a tipster warning that the company holding her retirement nest egg had collapsed.
After racing in a panic to the office of Southwest Exchange Inc. outside Las Vegas, she found a locked door and a sign saying the staff was ``in training.'' It never reopened.
``I was devastated,'' said Slotten, 58, who said she was forced to cancel early retirement after the disappearance of $2.74 million she made selling a strip mall. ``I thought I knew what I was doing, but now my nest egg, my retirement plan, is gone.''

http://www.bloomberg.com/apps/news?pid=20601109&sid=ary1hm_rkIgU&refer=home

This can't be good for Countrywide

I hope they don't mean this because I'm sure the credit crisis won't be over in 3 months.

http://www.dailynews.com/news/ci_6643472

Countrywide's troubles deepen
BY GREGORY J. WILCOX, Staff Writer

CALABASAS - Countrywide Financial Corp.'s financial trouble deepened Thursday, forcing the nation's biggest mortgage lender to tap an $11.5 billion credit line to fund operations.

Paul J. Miller, an analyst at Friedman, Billings, Ramsey & Co., said in a research report that Countrywide's survival depends on how long the mortgage crisis lasts.
"We do believe there is a scenario in which the current liquidity crises last for longer than three months and CFC is forced into bankruptcy," he wrote. "It will be ugly, but it can happen!"

Miller also predicted that if the crisis passes within a month, the company will be able to resume normal origination functions and its stock price will jump back into the $30 range.
If it persists for more than a month, he said, Countrywide might be forced to sell assets at a deep discount, putting "tremendous pressure" on its stock.

Countrywide Downgraded to Sell, Bankruptcy may be possible.

Countrywide cut by Merrill and bankruptcy raised

Posted 15 August 2007 @ 11:23 am EST

NEW YORK - Countrywide Financial Corp shares fell as much as 9.2 percent on Wednesday after the largest U.S. mortgage lender was downgraded to "sell" from "buy" by a Merrill Lynch & Co. analyst, who said bankruptcy may be possible if liquidity worsens.

http://www.ibtimes.com/articles/20070815/countrywide-downgrade.htm