As I pointed out yesterday, Brass Brick Homes filed for bankruptcy protection earlier this week.  Now it appears they’re playing the blame game, pointing the finger at their banks.

This situation is far from ideal, and there are more than a few people hurt by it, but is it any surprise that the banks aren’t willing to extend any further credit to an already failing, seemingly mismanaged company?

[where: Edmond, OK]

Back in October, our new home market got a bit shaken up when a couple of the bigger builders hit a wall, mostly due to freezes in their credit lines. Bridgeport Development (parent company of Newhaven Homes, Livingston Meyer Homes, and Brookside Homes) and Brass Brick Homes both brought their projects to a halt, and Bridgeport filed for Bankruptcy protection.

At the time, Brass Brick’s owners pledged that they would work through this without filing for bankruptcy.  Earlier this week, something changed, as they did, in fact, file for bankruptcy.

Our prayers go out to the local home buyers who have been dramatically affected by the closing of these two builders. It’s an ugly, inconvenient, and in many cases, costly situation for many families who have lost what they’ve worked so hard to acquire.