HMIC: Closure Due to Repurchase Obligations 

Updating a story previously reported on HW, Harbourton Capital Group, Inc. issued a formal statement regarding the shutdown of its wholly-owned mortgage subsidiary, Harbourton Mortgage Investment Corporation (HMIC). As previously reported here, the subprime lender ceased operations effective December 20, 2006. HCG said that its HMIC business unit was forced to shut down when it was unable to satisfactorily resolve mortgage repurchase claims asserted by selected investors that had purchased mortgage loans from HMIC.