After disclosing that it had endured a $74 million financial exposure in the wake of Live Well Financial’s abrupt closure this past May, Flagstar Bancorp has announced that it has now shed all of the securities that served as collateral for its loan to the now-defunct reverse mortgage lender. Flagstar detailed that the burden of […]
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 […]
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. […]
Home Equity Conversion Mortgage (HECM) endorsements fell by 15 percent to 2,341 loans for the month of August 2019, a disappointing figure considering that the past six months have seen more positive endorsement activity spinning out of the uncertainty exhibited at the start of the year. This is according to the August HECM Lenders report […]
In the wake of the arrest of former reverse mortgage executive Michael Hild, the ongoing saga related to the forced Chapter 7 bankruptcy of his former reverse mortgage company Live Well Financial has continued. One of the company’s former financiers is now gaining access to over half of what it is owed by Live Well. […]
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 […]
Home Equity Conversion Mortgage (HECM) endorsements rose by 8.2 percent to 2,754 loans for the month of July 2019, with a lower 10-year SWAP interest rate and an extra day of business helping to provide a volume bump. This is according to the July HECM Lenders report compiled by Reverse Market Insight (RMI). “The additional […]
Once one of the top 10 reverse mortgage lenders by volume, the closure of Live Well Financial was as swift as it was unexpected. While the dust has yet to completely settle on this story, numerous legal proceedings extending out of the closure and ongoing investigations by financial regulators and federal law enforcement have further […]
A bankruptcy court judge in the state of Delaware has ordered Live Well Financial into Chapter 7 bankruptcy protection, while also appointing an interim trustee to oversee the company’s remaining operations during the associated liquidation process. This is according to court documents obtained by RMD and first reported by the Richmond Times-Dispatch. In a document […]
Kansas City, Mo.-based Five Elms Capital, an investment firm with a focus on B2B software and technology companies, is the latest creditor to join a forced bankruptcy lawsuit against recently-shuttered reverse mortgage lender Live Well Financial, according to recent court documents obtained by RMD. The collective of companies under the Five Elms umbrella is represented […]
