Debt

Bay Capital Closes Its Doors; Parent Faces Insolvency 

Clear Choice Financial, Inc., a Nevada-based mortgage company, said it has officially closed the mortgage lending offices of its wholly owned subsidiary, Bay Capital, located in Owings Mills, Maryland and Irvine, California. Clear Choice announed Friday that it is insolvent and in default on numerous obligations. Out of an original workforce of over 150 people, 120 have been released, the company said in a statement.