Pacific Guarantee Mortgage of Point Richmond, Calif., has signed up 10 branches in Arizona and Washington that had been associated with Southern Pacific Funding Corp.

Southern Pacific, one of the subprime mortgage specialists that ran into trouble this year due to intense competition, early repayments of home equity loans, and mounting concerns about credit quality, filed for bankruptcy in late October because it could not renegotiate its warehouse lines of credit.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.