Housing Wire
JUNE 30, 2022
Less than a week after laying off hundreds of workers and refusing new mortgage applications, First Guaranty Mortgage Corp. FGMC) and its affiliate Maverick II Holdings filed for Chapter 11 bankruptcy protection late Wednesday. . The debtor-in-possession financing, however, needs the Delaware bankruptcy court’s approval.
Housing Wire
MARCH 3, 2022
As all participants in the mortgage industry know, securitization is a critical tool for making loans to homeowners at affordable rates. The process of bundling loans and separating risks makes available fixed-rate mortgages that are fully prepayable at borrowing costs well below other forms of debt.
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Housing Wire
NOVEMBER 8, 2023
Foreclosures and bankruptcy data One of the most prominent credit stress data lines I have ever seen came during 2005-2008. We started originating traditional, boring 30-year fixed-rate mortgage loans with guidelines that ensured borrowers were qualified. How did this happen?
Housing Wire
SEPTEMBER 9, 2022
The frenetic pace of growth in nonagency issuance has since slowed, however, due to a variety of market pressures — chief among them the contraction of mortgage originations in the face of fast-rising interest rates. “In Less than one year later, in June 2022, the rate reached 5.8% …. “In
Housing Wire
AUGUST 11, 2022
Since the beginning of the year, rates are up more than 2 percentage points — with the most recent P rimary Mortgage Market Survey from Freddie Mac showing the conforming 30-year fixed-rate mortgage with an average rate of 5.22%. . Non-QM lender First Guaranty Mortgage Corp.
Housing Wire
JULY 27, 2022
The pool of non-QM borrowers includes real estate investors, property flippers, foreign nationals, business owners, gig workers and the self-employed, as well as a smaller group of homebuyers facing credit challenges, such as past bankruptcies. As of July 21, Freddie Mac reports the interest rate for a 30-year fixed mortgage averaged 5.54%.
Housing Wire
OCTOBER 13, 2022
Still, signs of the stress facing the market have surfaced already this year — with the Chapter 11 bankruptcy filing by First Guaranty Mortgage Corp ; the failure of Sprout Mortgage ; a dozen channel exits ; and the many mergers and acquisitions completed or in motion.
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