Enter multiple symbols separated by commas

Subprime Lender People's Choice Files For Bankruptcy Protection

People's Choice Home Loan, a California-based mortgage lender to people with poor credit histories, on Tuesday filed for Chapter 11 bankruptcy protection from creditors, court papers show.

The Irvine, California-based company listed more than $100 million of assets and more than $100 million of liabilities in its filing with the U.S. Bankruptcy Court for the Central District of California.

According to its Web site, People's Choice has wholesale lending and retail lending units. It said the latter serves borrowers with less-than-perfect credit. Founded in 1999, the company said it employs about 1,150 people nationwide.

Many U.S. subprime lenders have struggled in recent months from rising delinquencies and defaults. Some larger lenders have sought bankruptcy protection.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Dr. Palmer paid $50,000 to hunt lion Cecil

    Minnesota dentist Dr. Walter Palmer was one of thousands who go to sub-Saharan Africa for trophy hunts. CNBC's Robert Frank reports Dr. Palmer said he did not know Cecil was famous or the hunt was illegal.

  • Moving fast to partner with Netflix: Marriott CEO

    Marriott International CEO, Arne Sorenson, discusses apprehension in the market, mergers, and business growth.

  • WiFi via drones

    Facebook wants to keep growing and has designed a drone that will provide Internet service in remote areas. CNBC's Julia Boorstin reports.