Current news for this company:
ResMAE Mortgage Corp. - Wholesale
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2007-11-05
This is an update of an original IMPLODE we did on February 13, 2007. There are multiple updates to this posting.
Owned by Citadel Investment Group, ResMAE Mortgage Corp. of Brea, CA has stopped accepting submissions as of this morning. AE's began emailing their Broker clients about the shutdown, and then they have a very long lunch ahead of them.
"We got the news in a 9:00 am conference call."
Our source tells us 80 AE's and a little over 100 operations personnel have been let go.
In a quote from RealtyTimes.com:
"Last week, ResMae Mortgage Corp. of Brea, California, filed for bankruptcy, citing investor demands that it buy back $308 million in defaulting loans."
The ResMAE web site, as of 10:40 am (PST) is down. We attempted to call the company for an official statement, could not get an answer. HUD shows 2005 volume was over 15 billion, with no figures available for 2006.
As more information comes in we will update this post. Please contact us.
Original Implode - 2007-02-13 The company has filed chapter 11, and is being kept on life support by Credit Suisse. The company claims it will continue to operate.
Stay tuned for more updates.
Update, March 5th, 2007: In a surprise, ResMAE was bought out by hedge fund Citadel, not Credit Suisse as expected.
Important: This company is on our list of lending operations that have "imploded" (see also ailing lenders). However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.