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Subprime Mortgage Lenders Turn to Pachulski Stang

February 28, 2007

On both coasts, we are leading the way in chapter 11 cases involving the subprime mortgage lender industry. Turbulence among these lenders not seen since the 1990's has in-house counsel at numerous subprime lenders turning to Pachulski Stang Ziehl & Jones for answers. As a result, we have developed unique breadth and experience regarding the issues raised in such cases.

The firm has incomparable recent experience in these matters. We currently represent Mortgage Lenders Network USA, Inc., a Connecticut-based subprime mortgage loan originator and servicer in its chapter 11 cases filed in Delaware. Prior to its chapter 11 filing, MLN originated approximately $18 billion of subprime mortgage loans annually, and serviced approximately $17 billion of such loans. MLN filed its chapter 11 case on February 2, 2007.

The firm also represents OwnIt Mortgage Solutions, Inc., a Southern California-based subprime mortgage lender in its chapter 11 case filed in Los Angeles. In 2005, OwnIt originated approximately $8.3 billion in subprime mortgage loans. OwnIt filed its chapter 11 case on December 28, 2006.

Subprime lenders considering their options during the current scare in the market should demand that their counsel have substantial chapter 11 expertise in the subprime lending industry.

To speak to one of our partners with this experience, please contact

Laura Davis Jones: 302.778-6401 or ljones@pszjlaw.com

Ira Kharasch: 310.772.2353 or ikharasch@pszjlaw.com

James Stang: 310.772.2354 or jstang@pszjlaw.com