Mortgage Lenders Network USA, Middletown, Conn. -- once a top-15 subprime lender -- filed for Chapter 11 bankruptcy protection on Feb. 5, a spokesman for the company has confirmed to MortgageWire.The filing comes a few days after MW broke the news that Marathon Asset Management, New York, which had considered investing in the struggling company, had pulled out of talks with the nondepository. At deadline time MLN was preparing a statement. MLN recently began cutting workers in its servicing department. In late December, faced with a liquidity crisis, it closed the wholesale unit that accounted for 90% of its production. It has since been barred from funding new loans by several states. Its warehouse providers have included Merrill Lynch and RFC-GMAC. It owns roughly $17 billion in housing receivables. MLN can be found on the Web at http://www.mlnapproves.com.
-
The housing agency director also announced plans to donate his salary to help wounded veterans as CHLA and ICBA push for the enterprises to resume MBS buying.
1h ago -
The NRMLA/Riskspan Reverse Mortgage Market Index set a new high of 502.42, with the dollar amount of home equity for those 62 or over reaching $14.4 trillion.
1h ago -
Stenger joins the Chicago-based lender after more than a decade at Movement Mortgage and will oversee its retail platform, including new tech enhancements.
4h ago -
The lender, which reported over $200 million in home equity line of credit volume in the recent quarter, suggests the business can deliver massive scale.
7h ago -
Regulators are nearing a key step in overhauling credit scoring as the MBA touts its influence on GSE policy and close alignment with Washington leaders.
October 21 -
The state court seemed open to a narrower view of the legal applicability to loans predating the statute than of broad constitutional challenges to it.
October 20