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FGMC owes Customers Bank $25M, bankruptcy filing shows

Housing Wire

FGMC) and its holding company, Maverick II Holdings LLC, filed for Chapter 11 bankruptcy protection Thursday, June 30, leaving one of the country’s major warehouse lenders as its largest unsecured creditor, according to court filings. The lender then filed for Chapter 11 bankruptcy on Thursday, June 30. First Guaranty Mortgage Corp.

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Exploring Alternatives to Bankruptcy: Financial Options for Homeowners

Realty Biz

If you’re struggling financially and unable to pay your bills, you may have considered filing for bankruptcy. Filing for bankruptcy gives you a fresh start, but it stays on your credit report for up to 10 years — resulting in consequences for years to come. However, there are risks to using home equity for debt repayment.

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Rocket lost money last year, so why are its shares up?

Housing Wire

The three areas in which AI is driving impact are mortgage banking, underwriting and servicing, Rocket CEO Varun Krishna shared with analysts during the latest earnings call. To the extent that you can get loans off your balance sheet faster, it lowers your financing costs. The BUY+ program provided borrowers a credit equal to 1.5%

Equity 421
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The 2022 housing market: A tale of two halves

Housing Wire

They are not selling and have a lot of equity in their homes. Homeowners in 2022 also tapped into their home equity, which peaked at $11.5 trillion in the second quarter of 2022, capitalizing on home equity loans and home equity line of credit (HELOC). non-Bank financial institutions at Fitch Ratings.

Equity 527
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The risk of zero-down loans while the Fed talks recession

Housing Wire

Bank of America recently announced a loan for lower-income households that doesn’t require homebuyers to come up with a downpayment or closing costs, and doesn’t base the loan on a minimum FICO score. If they lost their job, they have a lot of equity in their home, and most likely their financials have gotten better over time.

Loans 544
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Reverse mortgage volume and securities issuance trend lower in December

Housing Wire

When assessing December’s Home Equity Conversion Mortgage (HECM) volume data for December 2023, Reverse Market Insight (RMI) used a choice word as the title for its commentary : “thud.” In the case of large institutions such as Bank of America , Wells Fargo , and MetLife , we never regained their lost volume.

Mortgages 450
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Specter of the S&L crisis haunts today’s mortgage market

Housing Wire

The financial chaos that sparked the savings and loan crisis of the 1980s, leading to a government bailout, now haunts the independent mortgage banking market this Halloween season — and beyond. The firm specializes in asset-backed credit, whole loans and private equity. There likely will be 40 to 50 deals done this year.

Mortgages 370