Review Mortgage Lenders

Ace Mortgage Funding

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


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

According to an announcement from the Department of Justice , Paul Mangione, the former Deutsche Bank head of subprime trading, allegedly “engaged in a fraudulent scheme to misrepresent the characteristics of loans backing two residential mortgage-backed securities that Deutsche Bank sold to investors that resulted in hundreds of millions of dollars in losses.”

In its announcement, the DOJ stated that the lawsuit and the conduct Mangione allegedly engaged in are related to the DOJ’s  $7.2 billion settlement with Deutsche Bank from earlier this year.

In January, the DOJ announced that it reached a settlement with Deutsche Bank in connection with the bank’s issuance and underwriting of residential mortgage-backed securities between 2005 and 2007.

While the settlement is roughly half of what the DOJ  initially wanted , the settlement was still the “single largest RMBS resolution for the conduct of a single entity,” the DOJ said in January.

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.

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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