People's Choice Home Loan names Equity One high bidder in sale of subservicing rights and assets

By Caroline Salls

Pittsburgh, May 3 - People's Choice Home Loan, Inc. designated Equity One, Inc.'s $14.06 million offer as the highest bid for People's Choice's subservicing rights and related assets, according to a Thursday filing with the U.S. Bankruptcy Court for the Central District of California.

The sale hearing is scheduled for May 10.

Equity One is now required to make a $702,954 deposit.

The company retained Friedman, Billings, Ramsey & Co., Inc. as its investment adviser in connection with the sale.

People's Choice, an Irvine, Calif., non-prime mortgage lender, filed for bankruptcy on March 20. Its Chapter 11 case number is 07-10765.

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