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An Alt-A Lender Goes Bust--Valiantly?

Posted by: Peter Coy on July 16, 2007

Most of us don’t have enormous sympathy for home lenders who made bad decisions and consequently went bust. But it’s obvious from the following that the troubled lenders see themselves as the good guys in this whole mess. alliance bancorp.jpg
It’s a farewell from Alliance Bancorp, an Alt-A lending specialist based in Brisbane, Calif., that shut down on Friday the 13th.

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.

Lisa Duehring

I guess I feel sorry for Lisa Duehring. Still, isn’t she laying it on a bit thick?

Hat tip to Calculated Risk.

Reader Comments

tax settlement

July 17, 2007 1:25 AM

What else do you say when your company goes belly up and you were at the helm? I'm really curious about the other alt-A companies out there like AHM and how well they will do in the coming months. I don't think the worst is behind us.

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BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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