April 16, 2014 12:42 PM ET

Thrifts and Mortgage Finance

Company Overview of American Business Financial Services Inc.

Company Overview

American Business Financial Services, Inc., together with its subsidiaries, originates, sells, and services home mortgage loans. It also offers real estate secured business loans. The company was incorporated in 1985 and is based in Philadelphia, Pennsylvania. On May 17, 2005, the voluntary petition of American Business Financial Services Inc., along with its affiliates, for reorganization under Chapter 11 was converted to Chapter 7. It had filed for Chapter 11 bankruptcy on January 21, 2005.

100 Penn Square East

Philadelphia, PA 19107

United States

Founded in 1985

931 Employees

Phone:

215-940-4000

Fax:

610-668-1468

Key Executives for American Business Financial Services Inc.

American Business Financial Services Inc. does not have any Key Executives recorded.

American Business Financial Services Inc. Key Developments

SEC Revokes Registration Of Registered Securities Of American Business Financial Services

An Administrative Law Judge has issued an Order Making Findings and Revoking Registration by Default as to American Business Financial Services Inc. The Order Instituting Proceedings alleged that the Company repeatedly failed to file required annual and quarterly reports while securities were registered with the Securities and Exchange Commission (SEC). The Default Order finds these allegations to be true as to Company and revokes the registration of each class of their registered securities, pursuant to Section 12(j) of the Securities Exchange Act of 1934.

SEC Orders Hearings on Registration Suspension or Revocation Against American Business Financial Services for Failure to Make Required Periodic Filings

In conjunction with this trading suspension, Securities and Exchange Commission (SEC or the Commission) also instituted public administrative proceedings to determine whether to revoke or suspend for a period not exceeding twelve months the registration of each class of the securities of American Business Financial Services Inc. for failure to make required periodic filings with the Commission. In this proceeding, instituted pursuant to Exchange Act Section 12(j), a hearing will be scheduled before an Administrative Law Judge. At the hearing, the judge will hear evidence from the Division and the company to determine whether the allegations of the Division contained in the Order, which the Division alleges constitute failures to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 there under, are true. The judge in the proceeding will then determine whether the registrations pursuant to Exchange Act Section 12 of each class of the securities of the company should be revoked or suspended for a period not exceeding twelve months. The Commission ordered that the Administrative Law Judge in this proceeding issue an initial decision not later than 120 days from the date of service of the order instituting proceedings.

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