Review Mortgage Lenders

Ace Mortgage Funding

House Session 2011-04-05 (12:00:09-13:05:35)

MORE BAILOUT MONEY TO COUNTER THE COMPANY'S MOUNTING MORTGAGE LOSSES. ALLOWING THIS GROSS MISMANAGEMENT OF PUBLIC FUNDS FOR EXTRAVAGANT -- THE ...

Shocker: US sues former Deutsche Bank head subprime mortgage bond trader for crisis-era fraud

In its release, the DOJ stated that Mangione engaged in a “fraudulent scheme” to sell ACE 2007-HE4, a $ 1 billion subprime mortgage bond, and ACE 2007-HE5,  a $400 million subprime mortgage bond, by misleading investors about the quality of the loans backing the securitizations.

The complaint alleges that Mangione also misled investors about the origination practices of Deutsche Bank’s wholly owned subsidiary, DB Home Lending , which is formerly known as Chapel Funding .

The complaint states that Chapel Funding was the primary originator of loans included in the deals in question and that Mangione approved offering documents for the mortgage bonds despite knowing that the documents misrepresented key characteristics of the loans, including compliance with lending guidelines, borrowers’ ability to pay, borrowers’ fraud and appraisal accuracy.

According to the complaint, the mortgage bond offering documents also repeatedly, falsely represented about the quality control process at DB Home, all of which was allegedly designed to mislead investors about the quality of the mortgages.

Ace Mortgage files Chapter 7 bankruptcy

NEW YORK, Nov 5 (Reuters) - Ace Mortgage Funding LLC, which provided home loans to borrowers with less than perfect credit, filed on Wednesday to liquidate under Chapter 7 of the U.S. Bankruptcy Code, a court filing shows.

The Indianapolis-based lender and three affiliates, including parent Ace Holding Co, filed for protection from creditors with the U.S. Bankruptcy Court in Wilmington, Delaware. Ace Holding last month shut its mortgage lending unit and set plans to close its mortgage document duplication and processing businesses, the Indianapolis Star said.

Ace Mortgage said it had between $1 million and $10 million of both assets and liabilities, and between 1,000 and 5,000 creditors. Ace Holding said it had between $10 million and $50 million of liabilities.

Hundreds of mortgage lenders have cut back operations, sold themselves, closed or gone bankrupt since the nation’s housing slump began.

Ace Mortgage had offices in 15 U.S. states, according to its website. (Reporting by Jonathan Stempel; Editing by Lisa Von Ahn)

The question: How do I protect my self to make sure I will get my funds from Ace Mortgage.

Background; I am the seller of a lot with a mobile home in Greenville SC. The buyer and I have a Bond for title contract. The buyer wants to refinance the home using Ace Mortgage in Charlotte NC.. That is fine with me. There are no problems with this.


buyer has three days to agree to mortgage. once closing is started and papers signed-money is transfered.

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