A former reverse mortgage executive and consultant has responded to civil charges of fraud levied by her former employer, saying they have “no basis” and that the executive was dropped by the company after the acquisition of a reverse mortgage servicer. This is according to court filings obtained by RMD. In the civil suit, filed […]
A mortgage executive and a reverse mortgage consulting company are the subjects of a lawsuit filed earlier this month by Reverse Mortgage Solutions (RMS) parent company Mortgage Assets Management, LLC (MAM). The executive, Cheryl MacNally, formerly held prominent reverse mortgage roles with Wells Fargo and Generation Mortgage, and has recently served as president of MAM. […]
After a protracted legal fight and a recently-approved bankruptcy plan cleared the way for a final sale, Ditech Holding Corporation has announced that it has completed the stock and assets sale comprising reverse mortgage servicing business Reverse Mortgage Solutions to buyer Mortgage Assets Management, LLC. In a press release announcing the completion of the transaction, […]
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. […]
After a federal bankruptcy judge blocked a bankruptcy plan that would’ve allowed Ditech Holding Corporation’s forward and reverse mortgage servicing businesses to be sold free and clear of legal complaints against them, a Consumer Creditors’ Committee that acted as primary opposition to that plan has filed a statement in court approving a newly-amended plan that […]
After having a “free-and-clear” sale of both its forward and reverse mortgage servicing businesses rejected in bankruptcy court late last month, Ditech Holding Corporation has announced its intention to modify its bankruptcy plan to achieve a consensual resolution with its legal opponents. This means that Ditech will submit a new bankruptcy plan to the court […]
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 […]
In the midst of ongoing attempts to sell its servicing platforms, Reverse Mortgage Solutions’ parent company is facing new legal hurdles. At a hearing taking place in the U.S. Bankruptcy Court for the Southern District of New York on Wednesday – where there was reportedly standing room only – counsel for Ditech and the sale’s […]
On the heels of issues related to Ditech Holding Corporation’s planned sale of Reverse Mortgage Solutions (RMS), real estate investment company New Residential Investment Firm says that legal concerns affecting Ditech could impact the deal closing. New Residential (NYSE: NRZ) disclosed Q2 2019 earnings on Tuesday, adding a note of caution concerning its plans to […]
Long after leaving the reverse mortgage business, Bank of America is back on the landscape — now with an objection to Reverse Mortgage Solutions’ sale proceedings. The company, which once originated as many as 9,000 reverse mortgage loans per year, has filed an official objection in the Bankruptcy Court for the Southern District of New […]
