ResMAE Mortgage Corporation, one the nation's largest wholesale subprime lenders, said Tuesday that it will be purchased by an affiliate of Citadel Investment Group, LLC for $22 million, beating out a competing bid from Credit Suisse. The agreement with Citadel replaces the agreement signed in February with Credit Suisse, ResMAE officials said in a press statement. The US Bankruptcy Court for the District of Delaware has approved the $180 million deal, which also included roughly $160 million in the company's loan portfolio as well its lending operations. ResMAE originally filed chapter 11 case on February 12, as reported by Housing Wire, and at the time Credit Suisse had stepped in to bail out the troubled lender, enabling it to continue operations. â€œToday's developments provide ResMAE with renewed strength and stability. As we continue through the reorganization process, we will work to meet the needs of homeowners and aspiring homeowners and continue to provide the same high quality level of service that has been our hallmark throughout our history,â€? said Ed Resendez, ResMAE president and CEO. In HW's earlier report on the Credit Suisse deal with ResMAE, sources had suggested that the bankrupt lender was party to short-term credit floats from Credit Suisse that drove the Wall Street bank to execute a purchase agreement as protection against its credit claims. Sources have suggested to Housing Wire today, however, that Citadel's purchase will include settling repurchase claims against the company's short-term credit facilities, including any claims that may be associated with Credit Suisse. Officials at ResMAE, Credit Suisse and Citadel could not be reached for comment on the nature of any outstanding repurchases. â€œThe mortgage industry in the US is an important part of the foundation which enables Americans to achieve their dreams. Our financial support of ResMAE during this reorganization will allow one of the industry's leaders to remain appropriately capitalized to meet the needs of this very important market,â€? said Ken Griffin, president and CEO of Citadel. â€œThe team at ResMAE has stayed together during a very difficult time and the company is wellpositioned to meet the challenges facing the industry head on and to become an industry leader in the years to come,â€? added Griffin. For more information, visit http://www.resmae.com. Full disclosure: The author of this commentary does not own securities in any of the publicly-held companies discussed herein. Housing Wire will always disclose the financial position of its writers or contributors.