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by CareyBot

The parent company of Harbourton Mortgage Investment Corp. says the Virginia-based lender has closed its doors. HMIC was forced to stop funding new loans and "initiate a process to wind down its operations" on Dec. 20, after investors who had purchased loans from the company demanded the lender buy them back, according to a statement issued by parent company Harbourton Capital Group Inc. When Harbourton Capital reported its third-quarter results on Dec. 8, the company said HMIC recorded a provision for third-quarter losses of $954,000 "in response to a significant increase in the loans sold to investors that experienced an early payment default, under which HMIC may have liability to the investor." HMIC had losses of $1.19 million for the quarter ending Sept. 30, including $260,000 in ...