by Calculated Risk on 2/13/2007 11:34:00 AM

From Bloomberg: ResMae Files for Bankruptcy, Will Sell Assets to Credit Suisse

ResMae Mortgage Corp., a U.S. home lender to people with bad credit, said it filed for bankruptcy protection and agreed to sell some of its assets to Switzerland's Credit Suisse Group.
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Subprime loans in the U.S. mortgage industry fell 3.8 percent last year to $640 billion, according to Inside B&C Lending. ResMae made $7.7 billion in loans last year, up 11 percent from 2005, placing it 21st among U.S. subprime lenders, the newsletter reported.