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« Generation Hires Reverse Mortgages for Dummies Author
Mortgage Cadence Adds More Compliance Expertise »

Parent Company of Liberty Reverse Mortgage Wants Money From The TARP

November 17th, 2008  |  by John Yedinak Published in Liberty Reverse, News, Reverse Mortgage  |  2 Comments

LRM_Gen_sig_color_300dpiGenworth Financial announced it’s applying to become a savings and loan after it reached a deal to acquire Interbank, fsb.  Genworth, a provider of life and mortgage insurance products, will acquire the Maple Grove, Minnesota based bank for an undisclosed sum. The community bank has about $1 billion in assets according to its website. 

Assuming that the acquisition and change in status to a savings and loan holding company is approved, Genworth will be able to receive funding from the TARP.  The injection of capital will help the Richmond, Virginia-based company who has been battered by investment losses, and concerns that it would run short of capital. Its shares have fallen from $25.45 at the beginning of the year, to as low as $1 last week. 

What does this mean Genworth’s reverse mortgage provider Liberty Reverse?  It’s to early to tell but this should provide a cheaper source of funds for its reverse mortgage production. Liberty is supposed to become Genworth Financial Home Equity Access sometime today, but the website isn’t live yet.

Technorati Tags: Reverse Mortgage,News,HECM,FHA,HUD,Liberty Reverse,Genworth

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    Related Posts
  • Liberty Reverse Will Become Genworth Financial Home Equity Access
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  • Genworth Financial Sees $107 Million Fourth Quarter Profit, Strong Insurance Results



  • Andrew Knight

    Hi Reverse Mortgage Daily,

    I’m emailing you in regards to an email I sent to you last month about a partnership, have you had a chance to think about it?

    If you have any questions or would more information, please advise me and we can go from there.

    Kind Regards,
    Andrew Knight

  • Pingback: Minnesota Reverse Mortgages | Minnesota Refinance | MN Refinance

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