Submitted by Ronald Tennant with Metrocities Mortgage:
Newsday (05/21/08); Yan, Ellen
The mortgage industry remains in a slump but could be gaining a new entrant in Reliance First Capital LLC, which is led by the former senior management of bankrupt subprime mortgage lender Delta Financial Corp. Reliance has paired with Wexford Capital, an investment firm in Connecticut, and will be based in Woodbury, N.Y., as its executives and small staff attempt to get the mortgage company off the ground over the next six months. Former Delta chief executive Hugh Miller will hold the same title at Reliance, which has purchased some of Delta's old assets and may focus on government-backed loans from the Federal Housing Administration. National Mortgage News ranked Delta as the ninth-largest subprime mortgage lender before it filed for bankruptcy in December.
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