Cadle Co. of Ohio has agreed to sell a $285 million portfolio of nonperforming second liens to Heritage Funding, Dallas, for less than one penny on the dollar. The sale was brokered by Jaymes Financial, Springfield, Va. The second liens included both secured and unsecured credits. The Cadle Co. is owned by Daniel C. Cadle. According to its website, it has been around since the late 1980s, collecting on various types of debts. No information was readily available on Heritage.
This was the second acquisition Luminate's mortgage arm has made since the start of 2025. The bank bought NJ Lenders Corp. in April of last year.
The Mortgage Bankers Association lowered its refi expectations by 5% this month, as rising mortgage rates are dampening borrowers' positions.
A group of community development financial institutions are asking a federal court in California to compel Treasury to disburse funds from the CDFI Fund before they expire in September.
A proposed seven-year mandatory selloff rule aimed at institutional investors was a factor in halting momentum for new BTR development, NAHB said.
May's 15,855 actions are the least since September 2025, when Fannie Mae and Freddie Mac had 15,550 loans modified, forborne or otherwise dealt with, FHFA said.
The government-sponsored enterprise oversight chief said his agency is focusing on select fees applied to mortgages that lenders sell to Fannie and Freddie.
