Origination/Lending
ResMAE Suspends Originations
By: PAUL JACKSON
November 6, 2007
related
ResMAE Mortgage Corporation has halted all origination activity, according to a notice posted on the company’s Web site this evening:
As of November 6, 2007, ResMAE Mortgage Corporation temporarily ceased all new loan origination activity. ResMAE is no longer accepting new mortgage loan applications, but will continue to honor commitments placed with ResMAE before November 6th as required by ResMAE policy and state requirements.
The company did not provide a reason for the suspension, or any further information on whether funding might resume at a future date.
The lender has a recent history of trouble, having filed for bankruptcy protection in February. An affiliate of Citadel Investment Group bested Credit Suisse in bidding for the troubled lender in March, in a deal worth an estimated $180 million. The company exited Chapter 11 in June, saying it was resuming normal operations.
For more information, visit http://www.resmae.com.
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