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Mortgage lender AmeriFirst Financial files for bankruptcy

Housing Wire

filed for Chapter 11 bankruptcy protection in Delaware, just two months after it got back into the forward mortgage origination business. Bankruptcy Court for Delaware. Other creditors in the AmeriFirst bankruptcy with unsecured claims exceeding $500,000 include – RCP Customized Credit Fund ($5.97 million, court pleadings show.

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This global investment firm wants to become a non-QM rainmaker

Housing Wire

The new REMIC, Mill City Loan Holdings LLC , will serve as a mortgage conduit for funds managed by CarVal while also developing relationships with originators to acquire “residential mortgage assets across multiple strategies,” according to a CarVal statement announcing the launch of the REMIC, which will do business as Mill City Loans.

Banks 349
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Redwood Trust, Angel Oak Mortgage awash in red ink in Q2

Housing Wire

a real estate investment trust (REIT) based in Mill Valley California that has residential operations focused on nonagency jumbo loans, recently reported a second-quarter 2022 net loss of $100 million, after recording a net gain of $31 million in the prior quarter. Redwood Trust Inc. , Likewise, Atlanta-based A ngel Oak Mortgage Inc. ,

Mortgages 373
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There’s more blood on the tracks in the non-QM market

Housing Wire

billion in assets, has a diverse portfolio of residential and commercial real estate assets. A closer look at WMC’s books, however, shows that as of June 30 its residential whole loan portfolio, nearly all of which is comprised of non-QM loans, was underwater by some $44 million. million loss in the first quarter. WMC, with some $2.8

Marketing 355
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 MAXEX seeks to capitalize on expanding non-QM market

Housing Wire

These new programs will expand our reach with bank-statement and other alternative-documentation loans, interest-only, etc., The increasing demand for non-QM loans (more broadly defined as nonprime) has run up against market volatility, as mortgage rates have doubled since late last year. Morgan Chase.

Marketing 326
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Loan buybacks haven’t disappeared, but they are trending down

Housing Wire

A large portion of those loans, once repurchased from the government-sponsored enterprises (GSEs) at par, were later resold for much less in the so-called “scratch and dent market. This created balance-sheet havoc for a number of lenders, particularly for small and midsized originators.

Loans 358
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Private-label MBS market facing strong headwinds

Housing Wire

In July and August of this year, there was a total of 25 residential mortgage-backed securities (RMBS) deals secured by mortgage pools valued at $8.3 That cap doubled starting in September, meaning the central bank going forward will now allow up to $35 billion per month in MBS to roll off its balance sheet as the securities mature.

Marketing 345