Items Tagged with 'ResMAE Mortgage Corporation'

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  • ResMAE Suspends Originations

    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.
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  • ResMAE Says Exits Chapter 11

    ResMAE Mortgage Corp., one of the largest subprime lenders during the recent housing boom, announced Friday afternoon that is has successfully exited the Chapter 11 bankruptcy reorganization process. ResMAE filed for bankruptcy protection in February and announced an agreement to sell certain assets of the company to affiliates of Citadel for $180 million in March.
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  • Citadel Bests Credit Suisse, Will Buy Bankrupt ResMAE

    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.
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  • ResMAE Files Chapter 11, Credit Suisse to Provide Lifeline

    ResMAE Mortgage Corporation announced early Tuesday that it has signed an asset purchase agreement with Credit Suisse, in which Credit Suisse will acquire certain assets of ResMAE. Concurrent with the signing, ResMAE said it had also voluntarily filed a petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The asset purchase agreement is subject to bankruptcy court approval as well as additional conditions to closing, the company said. No additional details regarding the troubled subprime lender's deal with Credit Suisse was provided, although sources have told Housing Wire that Credit Suisse funded the subprime wholesaler's warehouse line.
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