MLN

Update - 2009-05-12: A news brief from the Philadelphia Inquirer had this update:

"About 1,650 former employees of Mortgage Lenders Network, including about 90 in Horsham, will divide a $2.7 million settlement from the bankrupt firm. The Connecticut company failed to provide the required 60-day warning to employees that it would close, said their lawyer, Charles A. Ercole of Klehr, Harrison, Harvey, Branzburg & Ellers L.L.P. in Philadelphia. The company had argued in bankruptcy court in Delaware that the federal Worker Adjustment and Retraining Notification Act allows companies not to give the notice if business conditions change too quickly."

Read the law firm's press release here.

Update - 2007-02-05: It's official: they're bankrupt.

Update - 2007-01-24: - Ok, I had to post this—a message from brokeroutpost by an MLN broker who insisted in December that MLN was fine and had no problems whatsoever:

Ed@MLN Posted - 12/07/2006 : 1:45:34 PM

Just wanted to set the record straight.

MLN is NOT shutting down - we have not lost any investors to my knowledge and even if we did, we don't put all of our eggs in one basket - we have other investors.

Anyone that would like to run scenarios by me - feel free.

We are still in business, we have been in business over 11 years and we will continue to be one of the leaders in the subprime/Alt A world.

Thanks,

Wow. This is a great piece of history because it shows how you never really know until you know, and how delusional and/or misinformed people "on the inside" can be when their own interests pit them against reality.

Original Listing - 2006-12-29: $3.31 bln of subprime loans originated in Q3 2006.

It appears that 700+ people will lose their jobs (MLN employs about 1,000 workers).