Recent pleadings filed in the bankruptcy case of First Guaranty Mortgage Corp. (FGMC) show the lender left its warehouse lenders holding the bag for a mound of debt. 

FGMC and its affiliate, Maverick II Holdings LLC, on June 30 filed to reorganize under Chapter 11 bankruptcy protection. Pleadings filed in the case — now pending in U.S. Bankruptcy Court in Delaware — show the lender owes more than $400 million to four warehouse lenders, which include Customers Bank, Flagstar Bank, Texas Capital Bank and J.V.B. Financial Group LLC. 

“With respect to nonagency loans and non-QM loans, warehouse lenders will finance between 90% details ⇒

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