HW Media connects and informs decision makers across the housing economy. Professionals rely on HW Media for breaking news, reporting, and industry data and rankings. Moving the Housing Market Forward.
Liberty ReverseNewsReverse Mortgage

Parent Company of Liberty Reverse Mortgage Wants Money From The TARP

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.

Latest Articles

HW+ Member Spotlight: Tom O’Donoghue HW+

This week’s HW+ member spotlight features Tom O’Donoghue, owner at Reverse Loans Now. O’Donoghue has been in mortgage banking for more than 30 years and has been helping and committed to working with Senior Citizens for the last seven years. HW Media: What is your current favorite HW+ article and why? Tom O’Donoghue: How inflation could be a net benefit […]

Aug 12, 2022 By