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BUSINESS
February 14, 2007 | From Bloomberg News and the Associated Press
Rising defaults in the market for sub-prime mortgages have claimed another victim: Brea-based ResMAE Mortgage Corp. said Tuesday that it had filed for Bankruptcy Court protection. Separately, Santa Monica-based sub-prime lender Fremont General Corp. said it no longer would offer second mortgages to home buyers who need to borrow their down payment.
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BUSINESS
February 14, 2007 | From Bloomberg News and the Associated Press
Rising defaults in the market for sub-prime mortgages have claimed another victim: Brea-based ResMAE Mortgage Corp. said Tuesday that it had filed for Bankruptcy Court protection. Separately, Santa Monica-based sub-prime lender Fremont General Corp. said it no longer would offer second mortgages to home buyers who need to borrow their down payment.
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BUSINESS
March 6, 2007 | From Bloomberg News
Citadel Investment Group agreed to buy Brea-based ResMae Mortgage Corp. for about $180 million, beating out Credit Suisse Group in a Chapter 11 auction for the mortgage lender. The Chicago-based hedge-fund manager will pay about $20 million for ResMae's lending business and 98.5 cents on the dollar for the company's $160-million loan portfolio, said Ron Greenspan, a financial advisor for ResMae's creditors. U.S. Bankruptcy Judge Kevin J. Carey in Wilmington, Del.
BUSINESS
August 20, 2007 | Andrea Chang, Times Staff Writer
Pep talks were not on the agenda this weekend as beleaguered mortgage industry professionals attended an exposition in Long Beach. After all, the keynote speaker was William Dallas, whose Ownit Mortgage Solutions Inc. was one of the first lending companies to fold last year amid a sharp downturn in the housing market. "People ask me why I don't get back into the mortgage business," he told a crowd of about 200 on Saturday. "Because I'm not stupid."
BUSINESS
February 28, 2007 | E. Scott Reckard, Times Staff Writer
The shakeout in the business of risky mortgages intensified Tuesday as Freddie Mac swore off buying certain common but foreclosure-prone loans and Ameriquest Mortgage Co., which has struggled to find a buyer, said a potential partner might come to its aid. Lenders to shaky borrowers have been in turmoil this year, and the tremors probably will be felt by homeowners seeking to refinance their high-risk mortgages. In another indication of stress, Santa Monica's Fremont General Corp.
BUSINESS
March 6, 2007 | Martin Zimmerman, Times Staff Writer
Shares of companies that make high-risk home loans took another nose dive Monday after analysts questioned whether a leading industry player, New Century Financial Corp. of Irvine, was headed for bankruptcy. New Century is "much closer to death spiral, if not already in it," analyst Kenneth Bruce of Merrill Lynch wrote in a note to clients. "Bankruptcy could prove to be the best way to preserve value." Shares of New Century plummeted $10.09, or 69%, to $4.
BUSINESS
August 10, 2007 | Tom Petruno and Peter G. Gosselin, Times Staff Writers
The U.S. sub-prime mortgage crisis shook the world's financial system Thursday, unnerving bankers and investors and raising the risks for the global economy. Markets worldwide staggered after a big French bank sparked a financial scare by halting withdrawals from investment funds that have lost money on high-risk U.S. mortgage securities. The news suddenly made skittish European banks reluctant to lend to one another on the usual terms.
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