After a tumultuous road stemming from a bankruptcy declaration and attempt to sell its forward and reverse mortgage servicing businesses, Ditech Holding Corporation’s previously-announced stock and asset sale agreements have been approved in the United States Bankruptcy Court for the Southern District of New York, which has also confirmed the company’s third amended bankruptcy plan. […]
A day in advance of a scheduled Home Equity Conversion Mortgage program hearing before the U.S. House of Representatives Financial Services Committee, the committee has released the names of the four witnesses who will provide testimony and answer questions from the committee’s members. The witnesses who will testify before the committee include Peter Bell, president […]
In the wake of one “not guilty” plea entered for each of the five counts against former Live Well Financial CEO Michael C. Hild in a bond fraud case, federal authorities are now stating that they are within their rights to seize the majority of assets Hild owns in the Richmond, Va. area, according to […]
Late last week, the United States Department of the Treasury under the direction of President Donald J. Trump unveiled a new series of proposals aimed at improving the nation’s housing finance system, including a number of proposed changes to the Home Equity Conversion Mortgage (HECM) program. While the housing industry largely applauded the proposed changes, […]
Following up on a directive to reform and streamline housing finance made by President Donald J. Trump in a March memorandum, the United States Department of the Treasury has submitted its housing finance reform plan to the president for his approval, which includes specific proposals to streamline the Home Equity Conversion Mortgage (HECM) program. Aspects […]
After being charged by the U.S. government in an alleged $140 million bond fraud scheme last week, former Live Well Financial CEO Michael C. Hild has pleaded “not guilty” to all charges against him and will be tried in the Southern District Court of New York next fall, based on court filings obtained by RMD. […]
Former CEO of now-defunct reverse mortgage lender Live Well Financial, Michael C. Hild, has been arrested by the Federal Bureau of Investigation (FBI) in connection with an alleged bond fraud committed between 2015 and 2019. Co-conspirators Darren Stumberger, former Live Well EVP and Eric Rohr, Chief Financial Officer were also charged in the alleged scheme […]
The ongoing sale process of Reverse Mortgage Solutions (RMS) may be at risk after a federal judge has denied its parent company’s proposed bankruptcy plan. In a hearing taking place at the Bankruptcy Court for the Southern District of New York on Wednesday, a federal judge denied the proposed bankruptcy reorganization plan petitioned by the […]
The London interbank offered rate (LIBOR), which has served as the backbone of adjustable-rate Home Equity Conversion Mortgages (HECMs) for over a decade and which has formed the benchmark for expected rates and rate adjustments, is set to expire in 2021. Now, Wall Street institutions are directing their resources to prepare for its end, according […]
A new law signed by Oregon’s governor in July has the potential to create a conflict with the Department of Housing and Urban Development (HUD) over a home’s property taxes and slow originations statewide according to one local loan officer, while representatives of Oregon’s state government contend that this isn’t necessarily the case. Late last […]
