HMIC was a wholly-owned mortgage-banking subsidiary which was suddenly shuttered. Yet another shell company "at arm's length" and so the parent company is supposedly not responsible for the shady lending practices. Here's most of the press release:
MCLEAN, Va.--(BUSINESS WIRE)--Harbourton Capital Group, Inc. (OTC:HBTC) today announced that effective December 20, 2006, Harbourton Mortgage Investment Corporation ("HMIC"), its wholly owned mortgage-banking subsidiary, ceased funding new mortgage loans and initiated a process to wind down its operations.
HMIC was forced to take these actions when it was unable to satisfactorily resolve mortgage repurchase claims asserted by selected investors that had purchased mortgage loans from HMIC.
As a result of this action, HCG will likely write off its full investment in HMIC. HMIC's recent significant losses and requirements for new capital negatively impacted HCG during 2006. Management hopes the cessation of the continuing losses from HMIC will enable HCG and its mezzanine lending subsidiary, Harbourton Financial Corporation, which is not impacted by HMIC's closure, to stabilize their financial operations in 2007.
Harbourton is a holding company for two financial service businesses, mezzanine lending to developers and homebuilders, conducted by Harbourton Financial Corporation, and mortgage banking through HMIC. HFC's primary business is providing project financing to builders and developers of residential, for sale projects. The loans include financing for acquisition, development and construction of residential single-family homes, townhouses, and condominiums.
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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.