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."
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
9h ago -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
11h ago -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
11h ago -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
April 19 -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
April 19 -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18