Posted at 11:03 a.m., Tuesday, August 21, 2007
Charter Funding parent company files for bankruptcy
Advertiser Staff
First Magnus Financial Corp., the second-largest privately held U.S. mortgage company, filed for bankruptcy, less than one week after it shut down its lending operations, Bloomberg News said. The company had operated a retail lending arm in Hawai'i under the Charter Funding name.First Magnus had $942.1 million in assets and $812.5 million in debt as of May 31, according to its Chapter 11 petition filed today in federal bankruptcy court in Tucson, Arizona. Bloomberg reported today's court filing makes First Magnus the 14th lender since December to seek bankruptcy protection and one of more than 90 to shut down or seek a buyer. First Magnus said Aug. 16 it shut its lending operation after investors quit buying the company's loans.
