Investor Wilbur Ross Jr., a bottom-fisher who has made millions investing in ailing steel plants, has emerged as the leading bidder for the mortgage servicing platform of the bankrupt American Home Mortgage, Melville, N.Y.The sale, however, needs to be approved by a bankruptcy judge in Wilmington, Del., where the company filed for Chapter 11 protection in August. According to the Quarterly Data Report, AHM services about $45 billion in residential loans, ranking 24th nationwide. At a speech Tuesday night in New York, Mr. Ross said that eventually the company would fund mortgages again. AHM was a Fannie Mae/Freddie Mac approved lender/servicer. It also played in the jumbo and alternative-A markets. The real estate investment trust can be found online at http://www.americanhm.com.
-
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25