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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.