Items Tagged with 'Reverse Mortgage Solutions'

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  • New York Court approves representation for mortgage borrowers in Ditech bankruptcy

    Ditech loses motion to dismiss consumer committee
    The Bankruptcy Court of the Southern District New York denied Ditech’s motion Friday to dismiss the formation of a consumer committee to protect the interests of mortgage borrowers who have loans with Ditech or its subsidiaries – including those who have reverse mortgages with its subsidiary Reverse Mortgage Solutions – ensuring these borrowers will not suffer too great a loss as the mortgage giant restructures.
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  • Mortgage borrowers win protection in Ditech bankruptcy, Ditech fights back

    New York court must rule on Ditech's objection
    The long and winding saga of Ditech's bankruptcy continues, as the U.S. Trustee grants a request to create a committee to protect consumer interests in the proceedings. The committee is intended to ensure that borrowers who have a mortgage with Ditech or its subsidiaries don't get trampled in the proceedings, but if Ditech has its way, this group will be disbanded before it has a chance to weigh in.
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  • Victims of reverse mortgage scam want protection from Ditech bankruptcy

    Request the creation of a committee to protect consumer interests
    Ditech is in the midst of a bankruptcy, and some are worried that the rights of its borrowers will be trampled in the process. A recent filing with the U.S. Trustee asked that a consumer creditor committee be formed to protect the rights of those who have claims with Ditech, including the victims of a reverse mortgage scam who have open claims with Ditech subsidiary Reverse Mortgage Solutions.
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  • Ditech says its reverse mortgage business is unprofitable

    With continued losses likely, the struggling nonbank says it's weighing its options
    Aware that sweeping regulatory changes would likely send the reverse mortgage business into a tailspin, Ditech – then named Walter Investment Management – shut down the HECM origination channel of its subsidiary, Reverse Mortgage Solutions, in 2017. But the company has continued to service reverse mortgages, and it’s not going well. According to a report filed Tuesday with SEC, Ditech's reverse mortgage business is operating at a sizable loss – and this trend isn’t likely to turn around anytime soon.
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  • Ditech files for Chapter 11 bankruptcy for second time in 14 months

    Financial difficulties persist for troubled nonbank
    It appears that the financial troubles of Ditech Holding Corp., the nonbank formerly known as Walter Investment Management, are far from over. Last year, the company emerged from Chapter 11 bankruptcy after completing a financial restructuring plan that eliminated $800 million in corporate debt. But that wasn’t enough to put the nonbank’s troubles behind it. Now, just 14 months after filing for Chapter 11, the company is filing for Chapter 11, again.
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  • Ditech Holding Corp. picks "seasoned turnaround professional" Jeffrey Baker as new CEO

    Baker elevated from chief operating officer to replace Anthony Renzi
    For the fifth time in just over two years, Ditech Holding Corp., which was known as Walter Investment Management Corp. until very recently, has a new CEO. The nonbank announced Tuesday that it is elevating "seasoned turnaround professional" Jeffrey Baker from chief operating officer to serve as interim CEO and president.
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  • Walter Investment bankruptcy plan approved by court

    Company expects to exit bankruptcy proceedings by end of January
    Walter Investment Management Corp.’s plan to reduce $800 million in debt by filing for Chapter 11 bankruptcy has been approved by a federal court, the company announced this week. The company also announced that its board of directors will look much different when it exits bankruptcy.
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