Many people thought Accredited Home Lenders was already gone. Basically the company was headed for bankruptcy, and they filed this week. Nobody will miss them, except HSBC and a few other creditors.

San Diego-based Accredited Home Lenders, one of the last remaining subprime lenders, filed for bankruptcy protection yesterday and is in the process of selling its remaining financial assets.

In its bankruptcy petition, Accredited listed its liabilities as between $100 million and $500 million, compared with assets of $10 million to $50 million. Among its more than 10,000 creditors, HSBC Bank is the largest, claiming it is owed more than $90 million, the petition says.

Before it was bought by Lone Star, Accredited struggled to remain afloat amid the subprime mortgage meltdown by slashing 1,600 jobs throughout the nation. It also stopped making new mortgage loans.

There is a working relationship and business history between Lone Star, HSBC, and Korean Exchange Bank. Suits, threats, and jail terms were highlights of the Korean deal.

Related posts:

1. Improved financial disclosure would have killed HSBC Finance
2. HSBC exec selling $69,000 home for $424,000
3. Foreign owned lenders tend to ignore recommendations
4. HSBC UK home loans also under stress like US
5. Another HSBC merchant bankrupt. This time it’s Gottschalks