Bankruptcy

The long-troubled lender owes at least $40 million to mortgage industry counterparties and tax collectors, it said.

Proceeds from the sale of assets to Oaktree Funding would be used to pay off debt to warehouse lenders

The company in a court filing suggests it has funds available for its unsecured creditors, led by a private equity firm, major banks and a servicer.

The company had been the fifth most active Home Equity Conversion Mortgage originator year-to-date through October.

The declaration comes less than a week after the firm laid off 471 workers, or over 75% of its staff, because of significant operating losses and cash flow challenges.

Talks between original holders and a law firm over potential securities fraud litigation did not pan out, and trustee UMB NA has canceled all the bonds.

The delinquency rate on regional mall commercial mortgage-backed securities was 22.9% in February, the highest of any real estate category, according to Moody’s

The Federal Reserve warned of significant risks of business bankruptcies and steep drops in commercial real estate prices in a report published on Friday.

A real estate firm focused on gentrifying neighborhoods is showing cracks after a group of its apartment buildings in New York’s Upper West Side and Harlem filed for bankruptcy.

The three-year loan will boost the hotel-centered REIT's dwindling cash reserves battered by the COVID-19 global impact on travel.