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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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Nonbank Hometown Lenders files for bankruptcy

Housing Wire

Hometown Lenders has filed for Chapter 11 bankruptcy protection in Alabama, blaming the Federal Reserve’s policy to curb inflation for its debacle. Warehouse lender Flagstar Bank , which has a lawsuit filed against Hometown Lenders , has the largest unsecured claim, $20.1 million), investor Freddie Mac ($3.4

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Mortgage industry veteran Tammy Richards takes on new role at Kind Lending

Housing Wire

Richards has a long history in leadership and executive roles in the mortgage industry. During a 10-year tenure at Bank of America , she served in multiple roles, with the last being as senior vice president of national underwriting. At the time of her hiring, she remained the CEO of LendArch. The case is still ongoing.

Lending 221
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RMF estate, now ‘out of money,’ seeks conversion to Chapter 7 bankruptcy

Housing Wire

The bankruptcy plan administrator for Reverse Mortgage Investment Trust (RMIT), the parent company of former industry lender Reverse Mortgage Funding (RMF), has filed a court petition to convert from Chapter 11 bankruptcy to Chapter 7 bankruptcy.

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A closer look at investor attitudes and trends in reverse mortgage stocks

Housing Wire

In the case of FOA — the current industry leader — the earnings results were robust. While Ellington’s results were softer in comparison , company leaders remain bullish on profitability prospects for Longbridge and the wider industry. With several top 10 reverse mortgage lenders now active in some form within the U.S.

Investor 370
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Ginnie Mae files slew of documents, opposes summary judgment motion in TCB court case

Housing Wire

Department of Housing and Urban Development (HUD), last week filed a slew of new documents in their court case against Texas Capital Bank (TCB). These were primarily in response to the bank’s prior motion for a partial summary judgment and offer reasons why the motion should be denied. Attorneys for the U.S.

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Porch Group’s insurance carrier Homeowners of America placed under regulatory supervision

Housing Wire

The announcement comes in the wake of bankruptcy of allegations of fraudulent activity against reinsurer Vesttoo Ltd , which filed for Chapter 11 bankruptcy protection in August. We view TDI’s supervision order as a sensible action for a regulator to take given Vesttoo’s widespread impact on the insurance industry,” Ehrlichman said.