Aegis Mortgage granted court OK to sell certain loans

By Jennifer Lanning Drey

Portland, Ore., Aug. 15 - Aegis Mortgage Corp. obtained court approval to sell loans owned by the company as well as to sell certain loans that are part of Aegis' warehouse lenders' portfolio, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

When requesting the relief, Aegis said the ability to sell the loans would be critical to maximizing creditor outcomes in its Chapter 11 case.

As previously reported, at the end of July, Aegis generated about $800 million in monthly loan originations and was servicing about $3.6 billion of mortgage loans.

Aegis stopped all mortgage origination activity on Aug. 3.

The company filed for Chapter 11 bankruptcy on Monday after receiving "an unprecedented amount" of capital calls, which were due and payable on Aug. 3.

Aegis Mortgage is a Houston-based mortgage production franchise. Its Chapter 11 case number is 07-11119.

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