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Strategies & Market Trends : Anthony@Pacific & TRUTHSEEKER Expose Crims & Scammers!!!
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From: ravenseye10/10/2007 11:45:10 AM
   of 5673
 
Subprime mortgage slipping into default at rapid pace
By Shannon D. Harrington and Mark Pittman Bloomberg News Published: October 8, 2007
NEW YORK: Subprime mortgage bonds created in the first half of 2007 contain loans that are going delinquent at the fastest rate ever, according to Moody's Investors Service....
iht.com
...Foxtons declares bankruptcy

Foxtons, a discount real estate agency based in New Jersey that pioneered selling homes at a 3 percent commission, joined mortgage lenders as a victim of the declining U.S. housing market and filed for bankruptcy protection.

Foxtons, which operated real estate offices in New York, New Jersey and Connecticut, filed for Chapter 11 bankruptcy protection last week in Trenton, New Jersey. The company listed debt of $480,944 and assets of $2.6 million in documents filed in U.S. Bankruptcy Court. Last month the real estate agency laid off 350 of its 380 employees.

Foxtons joins mortgage lenders like American Home Mortgage Investment and New Century Financial that filed for bankruptcy. The National Association of Realtors has forecast that this year will show the first national decline in the U.S. median home price since the Great Depression.

Chapter 11 of the bankruptcy code allows a company to reorganize its business while being protected from creditors.

The company was part of Foxtons Ltd. until this year, when the parent company, which is based in London, accepted a buyout offer from BC Partners. The founder of Foxtons Ltd., Jon Hunt, retained the U.S. branches as part of the transaction.
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