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

  • Cramer: Here's a sign the market could rally

    Wall Street's been soaking in red, but "Mad Money" host Jim Cramer has one signal to watch for that could point to another run.

  • Burger war maneuvers

    Cramer looks at the number of company's selling burgers and tries to determine the quality names, as well as those to avoid.

  • Cramer: What's driving defense?

    Cramer says that even though President Obama has made it clear the US can no longer be the world's policeman, the country can become the world's arms dealer. Profiting from defense spending.