The Plano-based mortgage lender that laid off 428 employees last week has filed for bankruptcy protection, citing pressures in the mortgage lending industry...
Higher interest rates that slashed demand for home loans led the company to lay off most of its employees and stop processing new applications.
First Guaranty Mortgage Corp. filed for Chapter 11 bankruptcy protection in the District of Delaware, citing significant operating losses and cash flow challenges due to the difficult market conditions, the company said Thursday.“While we have made considerable efforts to address our ongoing financial challenges related to the state of the mortgage market, we ultimately must do what is best for our borrowers and consumers,” CEO Aaron Samples said in a statement.
The lender is working to accommodate borrowers who started but had not yet completed the loan process. Closed mortgages are already serviced by third parties.
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