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Bailout
: Calculated RiskSubprime Home Invasion
By Anonymous
Three suspects are under arrest after a violent home invasion robbery in a gated Newport Beach community ... The home is owned by Daniel Sadek, a prominent former subprime lender.There is no evidence of a connection to the collapse of Quick Loan.
...
Police did not immediately know whether the men who invaded Sadek's home were collecting on a debt or were there to rob him. They were taking cash and jewelry ...Sadek made and lost a fortune in the subprime mortgage business. Quick Loan Funding, which he founded in 2002, wrote about $4 billion in subprime mortgages before it collapsed in 2007
The house was the scene of a fire two weeks ago.
Full post as published by Calculated Risk on December 09, 2009 (boomark / email).
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