Shearson Financial Network Snapshot
Shearson Financial Network went from brewing beans to counting beans. Formerly a specialty coffee company, Shearson entered the mortgage banking business in 2002. Its Shearson Home Loans subsidiary began brokering consumer home loans and was named an approved HUD lender. The company's timing proved detrimental, as soon afterwards the housing and credit markets fell into a steep decline. Shearson Financial lost millions and eventually filed for Chapter 11 bankruptcy protection in 2008. The company emerged from bankruptcy the following year and is now pursuing its plans to develop a national mortgage brokerage franchise network to market and finance loan originations.
