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Crowdfunding platform Peer Street files for bankruptcy

Housing Wire

Founded in 2013 by Brew Johnson, Brett Crosby and Alex Perelman, Peer Street developed a marketplace connecting lenders and borrowers seeking capital to investors looking for real estate-related debt. The business attracted investor Michael Burry, one of the featured players in “The Big Short.”

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After implosion, FGMC files for bankruptcy

Housing Wire

FGMC) and its affiliate Maverick II Holdings filed for Chapter 11 bankruptcy protection late Wednesday. . According to those sources, FGMC adopted an aggressive pricing strategy to purchase loans from correspondent partners, often paying 20 basis points higher than other investors on 30-year fixed-rate mortgages.

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FAR parent updates investors on AAG integration, business performance

Housing Wire

The company also said it “continues to evaluate new products to reach additional segments of the population facing a retirement gap,” and describes recent reverse mortgage industry consolidation following influential industry changes in 2017 and the 2022 bankruptcy of Reverse Mortgage Funding (RMF). “As

Investor 403
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Ginnie Mae fires back over RMF lending suit, seeks case dismissal

Housing Wire

When [RMF] defaulted on its obligations, GNMA exercised its right to extinguish RMF’s interest in certain mortgages in order to ensure the timely payment to investors in securities backed by those mortgages,” the filing reads. Department of Housing and Urban Development (HUD)], stated that FHA disagrees with Ginnie Mae’s position.”

Lending 408
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Bellevue real estate investment firm faces bankruptcy, fraud allegations

Seattle Times Real Estate

ICap said it planned to develop real estate in Western Washington, but left sites unfinished and didn't repay investors, lawsuits allege. The firm may owe as much as $500 million to 2,700 companies and people.

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Ginnie Mae to explore new reverse mortgage-backed security product

Housing Wire

Ginnie Mae intends to develop a new reverse mortgage-backed security product enabling the acquisition of loans from an HMBS pool above the existing 98% maximum claim amount (MCA) requirement, according to a new announcement.

Mortgages 408
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Loan buybacks haven’t disappeared, but they are trending down

Housing Wire

Repurchases have been a hot topic for lenders, and to some degree, the agencies and investors have gotten a bad rap in these discussions,” said Nick Volpe , executive vice president of ACES Quality Management. “ He stressed that the AI system is still in development and not in general use at this point.

Loans 399