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Amresco Seeks to Sell Its Irvine Loan Unit

<i> Bloomberg News</i>

Amresco Inc. is offering to sell its Irvine-based home equity loan unit, the company’s chief financial officer said Thursday, but he added that a buyer is unlikely to be found.

Amresco’s Residential Mortgage Corp., which makes loans to borrowers with poor credit histories, has been shopped around without attracting any takers, Barry Edwards said.

“There’s too many of these retail franchises available right now and a lot of bottom fishers who probably wouldn’t pay what we think it’s worth,” Edwards said.

Earlier this week, Amresco closed its Ontario-based residential unit, which bought and secured home equity loans. Most of the 129 employees were fired.

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