In what it hopes will be an uplifting step in a sinking subprime market, struggling residential mortgage provider Accredited Home Lenders agreed to be acquired by private equity fund Lone Star Fund for approximately $400 million, or $15.10 cash per share.

Accredited will join the ranks of other mortgage lenders that have been taken private at very low prices as a result of the recent subprime meltdown. Just last month, REIT iStar Financial agreed to acquire the commercial real estate lending business of Fremont General Corp. for approximately $1.9 billion in an all-cash transaction.

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