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Warehouse lenders stung by FGMC’s bankruptcy

Housing Wire

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

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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 377
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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. Instead, you can focus on one. Renting is another option, too.

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Reverse mortgage volume and securities issuance trend lower in December

Housing Wire

For instance, the AAG brand still remains despite the FAR acquisition, but the exit of Open Mortgage and the ongoing ripples caused by Reverse Mortgage Funding (RMF)’s bankruptcy will likely impact the business more notably, he explained. “It million of [unpaid principal balance (UPB)] that may not otherwise have been issued in December.”

Mortgages 398
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The 2022 housing market: A tale of two halves

Housing Wire

The Big Chill” or “Frozen,” says Green, principal at real estate law firm Polunsky Beitel Green. With the economics of cash-out refinance worsening amidst higher rates , homeowners are showing increased willingness to use home equity lines of credit (HELOC) and home equity loans to tap equity,” a Housing Finance Policy Center report states.

Equity 500
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This global investment firm wants to become a non-QM rainmaker

Housing Wire

We expect it to be a challenging [mortgage] market from a volume perspective due to interest rates and credit spreads,” said David Pelka, head of RMBS business and a principal at CarVal. Non-QM mortgages also go to a slice of borrowers facing credit challenges — such as a recent bankruptcy or slightly out-of-bounds credit scores.

Banks 359
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“Last night, my Uber driver was a loan officer.”

Housing Wire

Rising interest rates, sparked by Federal Reserve tightening policies, is the primary cause of the mortgage-finance industry’s pain right now. In September alone, IMBs slashed some 8,200 jobs, a recent Inside Mortgage Finance analysis of U.S. filed for Chapter 11 bankruptcy. [In Bureau of Labor Statistics data shows.