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DENVER — The unraveling of subprime lender Centrix Financial, LLC into Chapter 11 bankruptcy last September may have had its roots years ago, but the company’s dire troubles turned out to be one of the most jarring events to impact the industry in nearly a decade. By year-end, scores of CUs across the land, perhaps 400 with claims reaching $100 million, have been working feverishly to pare down the subprime loans on their books while the once high-flying Centennial, Colo., firm tries to recover in court through a sell-off to an East Coast insurance/investor group.

Centrix’ near-collapse has left red ink and forced out CEOs and CFOs from an uncounted number of both large and small CUs while also triggering a sharp pullback of the subprime market with a filtering down to the indirect market in some locales.

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