Bankruptcy Banks Closing Principal 
Housing Wire
JULY 21, 2022
Recent pleadings filed in the bankruptcy case of First Guaranty Mortgage Corp. FGMC and its affiliate, Maverick II Holdings LLC , on June 30 filed to reorganize under Chapter 11 bankruptcy protection. Samples reveals in his declaration that FGMC was hemorrhaging cash just prior to filing for bankruptcy protection — posting a $23.3
Housing Wire
JANUARY 4, 2024
Amid an already challenging operating environment observed throughout 2023, both HECM endorsement volume and HECM-backed Securities (HMBS) issuance closed out the year on a low note, with both metrics falling lower from the month before, according to data from RMI and New View Advisors. This is a different situation.” This represents $15.6
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Housing Wire
AUGUST 9, 2022
That’s based on a comparison of the principal balance of the loans on the books and their fair market value as reported by the REIT as of that date. The principal balance of WMC’s residential whole loan portfolio at June 30 stood at $1.24 Combined, the closing loan-pool balance for the two securitization deals was $834.2
Housing Wire
DECEMBER 27, 2022
The Big Chill” or “Frozen,” says Green, principal at real estate law firm Polunsky Beitel Green. Other smaller lenders, including real estate tech startup Reali and Sprout Mortgage , shuttered, while First Guaranty Mortgage Corp filed for Chapter 11 bankruptcy. non-Bank financial institutions at Fitch Ratings. over asking price.
Housing Wire
JULY 22, 2022
FGMC) filed for Chapter 11 bankruptcy protection at the end of June — leaving four warehouse lenders on the hook for more than $415 million. Just weeks later, a leaked text message from Flagstar Bank provided an inside look at how dire the current climate is for many non-QM lenders. Non-QM lender First Guaranty Mortgage Corp.
Housing Wire
NOVEMBER 9, 2022
The steady drumbeat of dour news in the mortgage industry punctuated by headlines announcing layoffs and closures among the ranks of independent mortgage banks continues to play out, with several lenders over the last two weeks adding to the torrent of pink slips. filed for Chapter 11 bankruptcy. [In Andrew Rhodes, Sr.
CT Homes
FEBRUARY 3, 2022
It is important to understand the short sale process before plunging into the steps required to successfully close the deal. B oth as a homeowner and an investor, there is a lot of money and legal logistics involved in order to close. This is essentially the lender agreeing to accept less than the principal amount owed.
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