FGMC owes Customers Bank $25M, bankruptcy filing shows

Pennsylvania-based Customers Bank is listed as the largest unsecured creditor in the FGMC Chapter 11 case — with a claim of $25 million.

Closing, Real Estate

A report from Fitch Ratings finds that despite macroeconomic challenges, statutory capital will remain strong for title insurers.

Vendors

Mortgage Coach and Sales Boomerang recently introduced their own reverse mortgage-centric product offerings earlier in 2022.

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Real Estate, Mortgage, Politics & Money

Purchase mortgage rates this week dropped 11 basis points to 5.70%, according to the latest Freddie Mac PMMS index.

Brokerage

Just days after announcing another $115 million in financing, San Francisco real estate company HomeLight announced a layoff of 19% of its workforce.

All Things Housing | HousingWire Annual 2022

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Mortgage

FGMC, controlled by global investment management firm PIMCO, said it had "significant operating losses and cash flow challenges due to unforeseen historical adverse market conditions for the mortgage lending industry, including unanticipated market volatility."

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Real Estate, HW+ Exclusive Content

This week's HW+ member spotlight features Budge Huskey, president and CEO at Premier Sotheby's International Realty, as he discusses inventory shortages and real estate commissions.

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