Alliance Bancorp's Wells Fargo mortgage loan servicing duties terminated

By Caroline Salls

Pittsburgh, March 20 - Alliance Bancorp has been terminated as the servicer of mortgage loans covered under a pooling and servicing agreement with Wells Fargo Bank NA, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Wells Fargo plans to turn the servicing duties over to GMAC Mortgage, LLC, which was previously listed as the back-up servicer for the loans in question.

However, Alliance Bancorp's Chapter 7 trustee can appoint a different new servicer if the proposed servicer meets eligibility requirements under the pooling and servicing agreement, if the trustee receives court approval of the chosen servicer by April 10 and if the transfer of the servicing duties is completed by April 30.

Alliance Bancorp, a Brisbane, Calif., mortgage lender, filed for bankruptcy on July 13, 2007. Its Chapter 7 case number is 07-10942.

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