Nonprofit Mortgage Group Forced to Close

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June 2, 2011; Source: Dallas Business Journal | The Texas Association of Mortgage Professional, a nonprofit, announced it was closing and filed for chapter 7 bankruptcy on May 27 revealing that it has between $100,000 and $500,000 in liabilities and only $50,000 in assets. A spokesman said, “Dramatic erosion in membership and the downward pressure on revenue generation . . . have placed TAMP in an untenable position. After long and thoughtful consideration, the Board of Directors of TAMP has elected to discontinue operations and close its doors.”—Ruth McCambridge

Correction: A previous version of this article incorrectly stated that the Texas Mortgage Bankers Association filed chapter 7. It was the Texas Association of Mortgage Professionals that  filed chapter 7.