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Mortgage lender AmeriFirst Financial files for bankruptcy

Housing Wire

filed for Chapter 11 bankruptcy protection in Delaware, just two months after it got back into the forward mortgage origination business. Bankruptcy Court for Delaware. Other creditors in the AmeriFirst bankruptcy with unsecured claims exceeding $500,000 include – RCP Customized Credit Fund ($5.97 million, court pleadings show.

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Redfin makes its big rental play with RentPath acquisition

Housing Wire

Seattle-based Redfin has agreed to pay $608 million in cash to acquire RentPath , though the deal still requires sign-off by the Federal Trade Commission and a bankruptcy court. Despite RentPath’s baggage, namely a $650 million bankruptcy restructuring , Redfin sees big traffic and lead-generation potential with the pending acquisition.

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Smart Rate, Michael Strauss no longer authorized to do business in Illinois

Housing Wire

Smart Rate Mortgage, LLC is no longer licensed as a residential mortgage company in Illinois. The address listed is 610 Park Avenue, New York, a residential property for sale for $19.9 3, indicating a voluntary surrender. million , down from $26.5 million in February, according to Zillow.

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Student loan payments to resume, will modestly impact mortgages: Moody’s 

Housing Wire

1 will negatively affect consumer loan asset quality, including credit card, auto and, to a lesser extent, residential mortgages. Although student loans are non-dischargeable in bankruptcy, their priority in a consumer’s debt repayment hierarchy is low relative to the other major consumer debt classes,” Moody’s analysts said.

Loans 448
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CoStar drops bid for CoreLogic citing market volatility

Housing Wire

With interest rates moving up, now is not the time for us to aggressively buy into the residential mortgage market,” Florance said in a statement. Also this week, a judge in Delaware ruled that CoStar will have to pay a $52 million break fee to RentPath after its failed acquisition of the residential rental portal.

Marketing 426
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Comparing this housing market recession to 2008

Housing Wire

In 2008, the rise of foreclosures and bankruptcy were waving red flags before the job-loss recession even happened. Today, it’s the complete opposite story: the 2005 bankruptcy reform laws and the 2010 Qualified Mortgage laws laid the foundation for the best housing credit profiles recorded in U.S.

Marketing 546
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Redfin-owned firm RentPath names new CEO

Housing Wire

Redfin then swooped in, agreeing to pay $608 million in cash to acquire the company despite RentPath’s $650 million bankruptcy restructuring. It’s only the second acquisition Redfin has made since its founding in 2004.