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

Bankruptcy 393

Bankruptcy Banks Pre-approval Principal 393

Housing Wire

JANUARY 11, 2024

District Court for the Northern District of Texas , Ginnie Mae has filed its response to a lawsuit brought against it by Texas Capital Bank (TCB) saying the warehouse lender lacks standing and discounts the authority the government has to extinguish a lender from its reverse mortgage-backed securities program.

Lending 417

Lending Bankruptcy Mortgages Principal 417

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.

Lending 381

Lending Banks Bankruptcy Loans 381

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

Marketing 391

Marketing Bankruptcy Loans Principal 391

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.

Loan Officer 404

Loan Officer Loans Mortgages Industrial 404

Housing Wire

AUGUST 11, 2022

Keith Lind, CEO of non-QM lender Acra Lending, put it this way: “These aren’t bad loans, just bad prices.”. “We AOMR has bulked up its warehouse lending arsenal to help bolster liquidity to better cope with the volatility of the current market. billion of unused warehouse capacity to support go-forward mortgage banking production.”.

Mortgages 382

Mortgages Loans Residential Lending 382

CT Homes

FEBRUARY 3, 2022

The lender is required to document the justifications for the short sale to ensure they don’t lose money as the lending party. Between loan modification or principal reduction, most lenders would much rather you stay in your home than go into foreclosure. The most common foreclosure alternative is a short sale.

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Short sale Sales Pre-approval Principal 52