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Judge Expands ResMae's Lending Capacity

Law360 (April 20, 2007, 12:00 AM EDT) -- A federal judge has given bankrupt ResMae Mortgage Corp. interim approval to expand its subprime mortgage lending capacity by $800 million.

U.S. Bankruptcy Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware signed an order Thursday allowing the lender to add an additional $300 million to its financing deal with Lehman Brothers Inc., and enter a $500 million financing deal with Deutsche Bank AG.

He will consider giving final approval to the financing later.

Unlike other subprime lenders who have filed...
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