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News Headlines - mortgage bankruptcy

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National Mortgage News

GE looking at a bankruptcy filing for subprime mortgage unit WMC
National Mortgage News
WMC Mortgage, a leading subprime originator during the boom era, could be placed in bankruptcy by parent company General Electric if it loses a legal proceeding regarding indemnifications on mortgage-backed securities. TMI Trust Co. alleged it had ...


Wall Street Journal

GE Warns It Might Put Subprime Lending Unit Into Bankruptcy
Wall Street Journal
Putting WMC Mortgage into bankruptcy protection would make GE the latest major corporation to use the chapter 11 process to deal with years-old mortgage problems in court. Ally Financial Inc., General Motors Co.'s ex-financing arm, put its mortgage ...
GE Warns Subprime Morgtage Unit WMC May Declare BankruptcyNasdaq

all 7 news articles »

Greater Wilmington Business Journal

Student Loan Debt Still A Concern
Greater Wilmington Business Journal
One reason: student loan debt is one of two types of debt (the other is mortgage debt) that cannot be discharged through bankruptcy. The second reason is that student loan debt is Americans' second-most-prevalent type of debt, right behind mortgage debt.


Mortgage Professional America

New Embrace Home Loans program responds to affordability challenges
Mortgage Professional America
The program allows self-employed borrowers and borrowers with a FICO score as low as 580 to qualify for a mortgage. The program also shortens the period for borrowers to qualify for a mortgage following a bankruptcy or a foreclosure to only two years.


BankruptcyMortgage – Home value – Security
Massachusetts Lawyers Weekly
Where the holder of a second mortgage has objected to a Chapter 13 plan, the objection must be sustained, as the value of the debtors' home exceeds the amount of the first mortgage, with the result being that the second mortgage cannot be treated as ...


Investopedia (blog)

GE Warns: Subprime Unit May File for Bankruptcy
Investopedia (blog)
Boston-based industrial conglomerate General Electric Co. (GE) has warned that it could put its dormant subprime mortgage lending business into bankruptcy protection, reported CNN. The move would help the lending unit, called WMC Mortgage, deal with ...
GE Says Subprime Mortgage Unit May Face Ch. 11Law360

all 2 news articles »

Middle East Monitor

Qatar may save Trump's son-in-law from bankruptcy
Middle East Monitor
The father and son team believed that they had bought a real estate trophy but since purchasing the building 11 years ago for a record-setting $1.8 billion, they have struggled to regenerate enough rent to cover the enormous mortgage on their investment.

and more »

TwinCities.com-Pioneer Press

After these buyers fell through, McNally Smith building likely will sell in June
TwinCities.com-Pioneer Press
A bankruptcy trustee is ready to sell the old McNally Smith College of Music building next month to ensure there will be some money left for hundreds of employees and students. Just last month, trustee Patti Sullivan was optimistic she'd find a buyer ...


Investopedia (blog)

GE Sheds Transportation Business in $11.1B Deal
Investopedia (blog)
Earlier this month, GE warned that it could put its now defunct subprime mortgage lending business into bankruptcy protection, following its decision last month to set aside another $1.5 billion to cover potential losses from a Justice Department ...


Ex-lawyer, on probation in mortgage fraud, facing own foreclosure
The Salem News
U.S. Bank, meanwhile, says in court papers that Gelfgatt is simply wrong on the law — that the bankruptcy did not absolve him of having to pay the mortgage on his home, and that the statute cited by Gelfgatt would only apply five years after the ...

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