Ditech Holding Corporation (NYSE: DHCP) late last week received a delisting warning from the New York Stock Exchange, its third such compliance notice in less than a year. The most recent NYSE issue came after Ditech failed to submit its first quarter report to the Securities and Exchange Commission within the specified time period. Management […]

After a slight delay, Walter Investment Management Corp. (NYSE: WAC.BC) emerged on Friday from a prepackaged Chapter 11 restructuring plan — with a new name. The parent company of Reverse Mortgage Solutions will be known as Ditech Holding Corporation, adopting the new ticker symbol DHCP when trading begins Monday morning. “We are emerging from this […]

Walter Investment Management Corp. (NYSE: WAC.BC) isn’t emerging from bankruptcy protection quite as quickly as anticipated. The parent company of Home Equity Conversion Mortgage servicer Reverse Mortgage Solutions announced Wednesday that its prepackaged Chapter 11 restructuring plan won’t come to a close until at least Friday — despite the fact that it had estimated the […]

A federal court formally approved Walter Investment Management Corporation’s (NYSE: WAC.BC) prepackaged Chapter 11 plan this week, though the company expects its remaining time in bankruptcy protection to be short. The Fort Washington, Pa.-based financial firm — which services Home Equity Conversion Mortgages through its Reverse Mortgage Solutions subsidiary — first floated the idea of […]

Less than a week after filing for Chapter 11 bankruptcy protection last week, Walter Investment Management Corp. (NYSE: WAC.BC) on Wednesday announced two key changes to its executive management team. Chief financial officer Gary Tillett will retire in February, the company said, with former JPMorgan Chase executive Jerry Lombardo taking his place. In addition, Reverse […]

Walter Investment Management Corporation (NYSE: WAC) on Friday announced a plan to pursue a corporate restructuring through a prepackaged Chapter 11 plan, but subsidiary Reverse Mortgage Solutions, Inc. won’t be involved. In a late-night press release, the Fort Washington, Pa.-based firm said it entered into a restructuring support agreement (RSA) with its noteholders to pursue […]

Wells Fargo (NYSE: WFC) will complete the transfer of all remaining reverse mortgages in its servicing portfolio to Champion Mortgage on September 1, ending an era in the Home Equity Conversion Mortgage industry. The two parties agreed to the transfer of about 80,000 HECMs — the last remaining in Wells Fargo’s portfolio — back in […]