SLO mortgage lenders file personal bankruptcy
The former president of now-defunct mortgage lender Cameron Financial Group has filed for personal bankruptcy, listing $33.1 million in debts and $2.6 million in assets.
E. Shannon Faries and his wife, Olivia Faries, filed for Chapter 7 bankruptcy on Sept. 29, listing mostly debts from their now-bankrupt company, which was based in San Luis Obispo.
Cameron Financial, which also did business as 1st Choice Mortgage, at one point employed about 100 people in San Luis Obispo County and lent more than $1 billion a year, Shannon Faries told the Business Times.
The company was caught in the housing market’s collapse and filed for Chapter 7 corporate bankruptcy — a liquidation, rather than reorganization — in 2008, listing $28.1 million in liabilities and $983,473 in assets.
“It was a very painful experience to be in business that long, employing that many people and contributing to the payroll of San Luis Obispo County, and then to have it just end,” Faries said.