The final dirge has sounded for the once-mighty Lomas Financial Corp. The former mortgage-lending powerhouse has filed for Chapter 11 protection again after emerging from bankruptcy less than four years ago, and has made a deal to sell its remaining assets.
Observers say in its heyday, Lomas was the industry leader and the company everyone wanted to emulate. But after suffering losses in almost every way possible, the giant that was Lomas is no more. First Nationwide Bank's mortgage unit made a deal to buy the remaining assets of Lomas Mortgage USA for $150 million. But even that deal will need the permission of the bankruptcy court.