Lone Star Wraps Up Accredited Acquisition

The news of Accredited Home Loans' demise reached a fever pitch months ago when Lone Star, a private equity group, announced that it was backing out of the purchase agreement it had signed to acquire the moribund subprime mortgage lender.  After a decent amount of grandstanding, legal filings and the slow back-and-forth reduction of the final per-share purchase price; the deal has finally been consummated. Housing Wire has the details on a match made in heaven hell, as Lone Star axed the entire Accredited board of directors save for their CEO and President.  After such an acrimonious courtship it will be interesting to see if the two sides can play nice to turnaround the operation.  My guess is don't hold your breath. More from Housing Wire:  Lone Star successfully push