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Bankrupt AmeriFirst Financial wants court to green light private sale of loans  

Housing Wire

Bankrupt retail lender AmeriFirst Financial is seeking approval for a private sale of loans from a Delaware bankruptcy judge to pay off two warehouse lenders and fund restructuring costs. If approved, AmeriFirst’s retail and commercial loans worth more than $5 million will be sold to a non-QM lender Oaktree Funding Corp.,

Loans 434
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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 446
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There’s more blood on the tracks in the non-QM market

Housing Wire

LLC , recently announced that it is exploring a potential company sale or merger in the wake of posting a $22.4 billion in assets, has a diverse portfolio of residential and commercial real estate assets. The stock-value pressure is prompting the WMC to explore alternatives going forward, including a possible sale of the company.

Marketing 417
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Redwood Trust, Angel Oak Mortgage awash in red ink in Q2

Housing Wire

LLC , recently announced that it is exploring a potential company sale or merger in the wake of posting a $22.4 billion in assets, has a diverse portfolio of residential and commercial real estate assets. million net loss for the second quarter ended June 30 — on the heels of posting a $22.2 million loss in the first quarter.

Mortgages 397
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Princeton CEO Rich Weidel on the promise vs reality of mortgage tech

Housing Wire

At Princeton, we’ve always been very risk-averse, and that comes from my experience in commercial real estate and debt and leasing. So the technology that’s supposed to save you can also be the thing that drives the mortgage company into bankruptcy. So we built our sales machine around that. SW: How do you fix that?

Mortgages 448
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The appraisal industry’s hidden hand

Housing Wire

The remote work was a further dislocation for an industry tied up in a most concrete transaction – the home sale – and yet abstracted in its duties, unclear in its worth. In the fall of 2019, Brian Coester, filed for Chapter 7 bankruptcy in Maryland federal court, after CoesterVMS went under. Rickard never got paid.

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Can You Lose Your House If You Don’t Repay Your Other Debts?

RIS Media

In general, if you’re behind on payments to a commercial creditor, the creditor must sue you and win a judgment against you before it can seize your property to cover the debt. Should You Declare Bankruptcy? Bankruptcy might buy you some time, but it’s not necessarily a solution. The amount varies by state.