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Reverse mortgage alums secure financing for alternative equity-tapping product

Housing Wire

Cornerstone Financing , a venture co-founded by former Reverse Mortgage Funding (RMF) CEO Craig Corn, has secured $285 million in financing through global investment firms Aquiline Capital Partners LP and Nomura. CHEIFS is currently available in four states: Arizona , California , Florida and Pennsylvania. 31 of that year.

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Milwaukee housing authority reportedly ‘misused’ millions in federal funds

Housing Wire

In April 2023, federal auditors were confounded by $3 million in unexplained variances in HACMs balances, and the prior finance team came up with nothing after an investigation lasting nearly two years. But HACM recently appointed Brad Leak to its finance team, moving to make him the CFO last month.

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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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Portrait of a pre-foreclosure peacemaker

Housing Wire

Helping the homeowner file for bankruptcy is another tool in the pre-foreclosure peacemaker’s tool kit, but Sandoval uses that tool with caution. “I An Auction.com analysis of bankruptcy data from the American Bankruptcy Institute shows a steadily rising level of Chapter 13 filings, which reached a new post-pandemic high in June 2024.

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California leads all states for highest bankruptcy risk to seniors

Housing Wire

Across all states, California poses the highest risk of bankruptcy for Americans ages 65 and older, according to a study released by personal finance website Moneywise. citizens at the greatest risk of bankruptcy. The study analyzed 11 factors to determine which states put elderly U.S.

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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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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. “After exhausting all reasonable alternatives, Debtor has determined that a resolution outside of this Bankruptcy Court cannot be fairly and equitably achieved,” it states.