First Magnus Financial -- which closed its doors last week -- filed for Chapter 11 bankruptcy protection on Tuesday, listing 20 of its largest unsecured creditors, including Fannie Mae and National Bank of Arizona, Tucson. According to the filing, National Bank is owed $5 million, Fannie, just $550,000. (The Fannie debt is listed as an estimate.) In the filing, the Arizona-based mortgage banker lists assets of $942 million and debts of $812 million, which means, on paper, it is worth $130 million. When First Magnus closed its doors last week, it blamed its problems on "the collapse of the secondary mortgage market."

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry