On August 12, 2008, Peoples Choice Financial Corporation went out of business as per its Chapter 11 liquidation filing under bankruptcy. People’s Choice Financial Corporation, through its subsidiaries, operates as a residential mortgage banking company. It originates, sells, securitizes, and services primarily single-family, nonprime, residential mortgage loans in the United States. It offers various fixed-rate and adjustable-rate mortgage loans, including various loan programs for first and second mortgages; and other loan products, including 15-20 year, fixed-rate, fully-amortizing mortgage loans. The company originates mortgage loans through its wholesale and retail channels. It operates its wholesale origination channel through 19 branch offices and its headquarters, as well as uses a network of approximately 12,000 approved independent mortgage brokers in 44 states; and operates its retail loan origination channel in 41 states through a network of 7 branches located in 5 states. The company has elected to be taxed as a real estate investment trust (REIT) for federal income tax purposes under Sections 856 through 859 of the Internal Revenue Code. As a REIT, it would not be subject to federal income tax purposes, provided that the company distributes atleast 90% of taxable income to its shareholders. People’s Choice Financial Corporation was founded in 1999 and is headquartered in Irvine, California.