General World News

FGMC owes Customers Bank $25M, bankruptcy filing shows

HW+ housing crash

First Guaranty Mortgage Corp. (FGMC) and its holding company, Maverick II Holdings LLC, filed for Chapter 11 bankruptcy protection Thursday, June 30, leaving one of the country’s major warehouse lenders as its largest unsecured creditor, according to court filings.

Pennsylvania-based Customers Bank, which has warehouse lending operations located in Hamilton, New Jersey, is listed as the largest unsecured creditor in the FGMC Chapter 11 case — with a claim of $25 million, court pleadings show.  

A 2021 report by industry publication Inside Mortgage Finance ranked Customers Bank as the 10th largest warehouse lender nationally in terms of financing commitments as of details ⇒

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