Sand Springs State Sen.'s business files bankruptcy By Paul Waldschmidt, Staff Writer paulw@sandspringsleader.com Published: Saturday, February 20, 2010 11:34 AM CST State Sen. Dan Newberry, whose district includes Sand Springs, has declared chapter 7 bankruptcy and closed his company, Homeland Federal Mortgage, according to court records filed earlier this month.
“Federal changes in laws that favor big banks over private mortgage companies” were to blame he said.
At a breakfast meeting Friday with Sand Springs constituents, Newberry said he has more than 13 years experience in the mortgage business and that he “tried to work with creditors as best we could, but it came to the point that we couldn’t continue.”
Closing his business, “is a severe reminder that no one is immune to the current economic crises afflicting our nation,” he said in a prepared press release.
“We have survived the ‘mortgage meltdown’ which began in 2006 while many of our competitors have closed their doors,” he said in the statement. “However, recent federal legislative initiatives that favor big banks have made it increasingly difficult for small family owned businesses like ours to survive. Their actions have led to reductions in available funds to lend, approvable borrowers, and a significant increase in the time it takes to close a home loan. This combined with a weakening economy has forced us to close our company.”
Newberry said he is not sure of his future business plans.
* “Right now, we are focused on trying to find jobs for our former employees,” he said.
Besides Homeland Federal, the bankruptcy filing listed Newberry Enterprises, Patriot Title LLC, Republic Closing LLC, Get Some Tan LLC, Paragon Construction, 4843 S. 81st W. Ave. Assets were shown as $1,191,560 and debts at $1,331,684.83.
