Nonprime wholesaler Aegis Mortgage Corp., Houston, has filed for chapter 11 bankruptcy protection, listing 35 of its largest unsecured creditors who are owed about $90 million.About 10 days ago, Aegis -- which is owned by hedge fund giant Cerberus Capital -- stopped funding loans and laid off most of its production staff. According to its Delaware bankruptcy filing, the lender's top five creditors are: Morgan Stanley ($16 million); Countrywide Financial, Calabasas, Calif. ($14 million); EMC Mortgage, Lewisville, Texas ($11 million); Aurora Loan Services, Littleton, Colo. ($9 million); and Goldman Sachs ($8 million).
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There's broad support for the effort to reduce costs and processes, but the Appraisal Institute warns about reducing property valuation quality control checks.
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Foundation had introduced Version 3 of its credit risk model, using the most recent delinquency data, to improve loan performance predictions.
June 24 -
Fannie Mae's conservator is supporting the government-sponsored enterprise's test within certain boundaries, according to a recent social media post.
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The Senate Banking Committee is slated to consider Christopher Phelen to be the chair of the Council of Economic Advisers on Thursday. Phelen has said in past academic papers that fractional reserve banking is "highly problematic."
June 24 -
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The bureau said the move is intended to remove potentially confusing language with an upcoming revision to the Equal Credit Opportunity Act.
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