article thumbnail

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.

article thumbnail

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.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

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.

article thumbnail

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. Kind Lending was founded by industry titan Glenn Stearns just days before the onset of the COVID-19 pandemic in 2020, which followed the bankruptcy of his previous company, Stearns Lending. The case is still ongoing.

Lending 221
article thumbnail

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.

article thumbnail

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.

article thumbnail

Origins: When a reverse mortgage saved a client from bankruptcy

Housing Wire

This guy was in a Chapter 13 bankruptcy at the time, was behind on credit cards and on his mortgage, and was on the verge of losing his house. He also had mobility challenges, so Rodriguez assisted with filing court documents in conjunction with the reverse mortgage origination process in order to address the bankruptcy.