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Milwaukee housing authority reportedly ‘misused’ millions in federal funds

Housing Wire

Department of Housing and Urban Development (HUD)s Housing Choice Voucher (HCV) program for rental assistance , widely referred to as Section 8 vouchers. Leak said that without prompt action, HACM could be facing bankruptcy. Leak traced the misallocation within months, the Journal Sentinel reported.

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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. . The company said the bankruptcy action has no impact on closed mortgages, which are already serviced by third parties. The debtor-in-possession financing, however, needs the Delaware bankruptcy court’s approval.

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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. Celink continues to defend itself in both cases.

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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. California-based real estate investing platform Peer Street, Inc.

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Modular homebuilding startup Veev on the verge of bankruptcy

Housing Wire

Veev said at the time that the funding would be used to scale its operations, accelerate its research and development, and expand construction into new markets. In March 2022 , Veev raised a $400 million Series D led by BOND , while LenX , Zeev Ventures , JLL Spark Global Ventures , and Fifth Wall also participated in the round.

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

Housing Wire

“They’ve managed to continue securitizing across their platforms, which has allowed them to grow their portfolio, increase earnings, and get back to covering the dividend from an earnings-available-for-distribution standpoint this quarter, which was a positive development,” Harter said.

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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. said the development could raise concerns around the reciprocal exchange timeline, which Porch previously said it expected to complete later this year. “We