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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. . They are particularly worried about loans already approved but not purchased by FGMC. . The company said the bankruptcy action has no impact on closed mortgages, which are already serviced by third parties.

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Portrait of a pre-foreclosure peacemaker

Housing Wire

But only about 17,000 delinquent loans completed the foreclosure process in the second quarter of 2024, almost one-third of the nearly 45,000 that completed the foreclosure process in Q1 2020. Often, the best available option for staying in the home is through a loan modification or some other type of repayment plan with the bank.

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Home equity cushions homeowners against economic shocks

Housing Wire

This situation differs from the years following the housing bubble crash, when nearly 15 million loans were under stress, and many late-cycle homebuyers had little to no equity. Down payment and loan-to-value data are very different As shown in the chart below, the loan-to-value ratio for American households is very low.

Equity 467
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No, homeowner delinquency rates aren’t elevated

Housing Wire

However, the data references Freddie Mac ‘s Serious Delinquency levels on multifamily loans. These loans pertain to multifamily mortgages, which are used for commercial properties with five or more units, such as apartment buildings. But as we can see in the chart below, the data clearly identifies these as multifamily loans.

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Bankruptcy judge approves Celink stipulation in RMF bankruptcy case

Housing Wire

The presiding judge in the ongoing bankruptcy case of Reverse Mortgage Funding (RMF) has approved a stipulation that would resolve an administrative claim made against the company’s estate by reverse mortgage servicing company Celink , authorizing both companies to consummate the agreement.

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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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Why foreclosures are still below pre-pandemic levels

Housing Wire

Credit data in general doesnt look great when accounting for credit card debt, auto loans, and student loan debt all have had an increase in their percentage on 90-day lates. In contrast, the current state of housing credit appears to be much healthier when compared to credit cards, auto loans and student loan debt.