ECC Capital/Encore Credit - Wholesale Subprime Lender
Gobbled up by Bear Stearns.
I'm adding this one retroactively, as the details have come out. The following excerpt from the first article should make it clear that this was an "implosion" and not voluntary by any stretch of the imagination:
Guess ECC didn't have much bargaining leverage—and Bear Stearns didn't want to have to write down that $33 mln. Slick.
The Irvine, CA-based ECC originated $14 bln of loans as of 2005. The now-unit of Bear Stearns is still operating in some unknown capacity relative to its peak level.
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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.