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Report Brings Closure to Lomas.(Lomas Mortgage USA Inc.)(Brief Article)
In March, a U.S. Bankruptcy Court here put its stamp of approval on what is probably the final chapter in the bankruptcy of Lomas Mortgage USA, once the nation's largest mortgage servicer.
Lomas Mortgage, a division of Lomas Financial Corp. of Dallas, once serviced more than $40 billion of home loans, a huge number by the standards of its day.
But prospects dimmed for the company by the late 1980s. And in October of 1995 the company filed for bankruptcy protection for the second time, after a 1989 effort at reorganization failed to salvage the firm for the long haul. In early 1996, bankruptcy courts approved the sale of Lomas' remaining servicing assets on about $12 billion of home loans to First Nationwide Mortgage.
In March of this year, Chief United States Bankruptcy Judge Peter Walsh approved a final report from attorney Martin Pollner, the Lomas Litigation Trustee. Mr. Pollner, who was appointed trustee in 1997, said he recovered more than $16 million on behalf of creditors of Lomas through litigation and settlement negotiations.
Mr. Pollner is a former federal prosecutor and currently a senior partner at the New York law firm of Loeb & Loeb.
As trustee, ...
- LOMAS FINANCIAL CORP. AND LOMAS MORTGAGE USA FILE CHAPTER 11; AGREEMENT REACHED...
- Press release article from: PR Newswire October 10, 1995 700+ words
...LFC) and its mortgage banking subsidiary, Lomas Mortgage USA, Inc. (LMUSA), today filed for protection...Richard Wool, 212-755-2850/ (LFC) CO: Lomas Financial Corp.; Lomas Mortgage USA Inc.; First Nationwide Bank ST: Texas...
- LOMAS MORTGAGE USA NAMES GARY H. KELL PRESIDENT
- Press release article from: PR Newswire January 12, 1994 700+ words
...to the office of president of Lomas Mortgage USA, the Company's mortgage...Gary Kell to the presidency of Lomas Mortgage USA is an appropriate and richly...aggregate warehouse line of credit to Lomas Mortgage USA from $317.5 million to...
- Nomas Corporation - Formerly Lomas Mortgage USA, Inc. - Makes Announcement
- Press release article from: PR Newswire April 8, 1997 700+ words
DALLAS, April 8 /PRNewswire/ -- Nomas Corporation, formerly Lomas Mortgage USA, Inc., announced today it plans to cause its creditor trust to make an interim distribution on or about April 15, 1997...
- Lomas bankruptcy trust comes to an end. (Business Alert).(Brief Article)
- Magazine article from: Mortgage Banking May 1, 2002 700+ words
...litigation trustee for Dallas-based Lomas Mortgage USA Joint Litigation Trust, approving...serve as litigation trustee of the Lomas Mortgage USA Joint Litigation Trust. The...Corporation and its affiliates--Lomas Mortgage USA Inc., Lomas Information...
- Bankrupt Lomas Financial still finds something to cheer about. (The Stock Yard)...
- Magazine article from: Dallas Business Journal Preston, Darrell June 25, 1990 700+ words
...mortgage banking subsidiary, Lomas Mortgage U.S.A., which is not in...doing business in the Southwest, Lomas Mortgage is alive and well," said Terry Deyoe, executive vice president of Lomas Mortgage U.S.A. "The mortgage company...
- A veteran perspective. (an interview with Jess Hay and Gene Bishop of Lomas...
- Magazine article from: Mortgage Banking Hewitt, Janet Reilley June 1, 1991 700+ words
...His company, the parent of Lomas Mortgage USA, hit serious troubled waters...reorganization in the media." Lomas Mortgage has been actively buying servicing...portfolio. On May 30, 1990, Lomas Mortgage bought another $600 million portfolio...
- Lomas Creditors End Litigation Effort.
- Magazine article from: National Mortgage News Cornwell, Ted April 8, 2002 700+ words
...probably the final chapter in the bankruptcy of Lomas Mortgage USA, once the nation's largest mortgage banker. Lomas Mortgage, a division of Lomas Financial Corp. of Dallas, once serviced more...
- LOMAS FINANCIAL CORPORATION MAKES ANNOUNCEMENT
- Press release article from: PR Newswire June 17, 1992 700+ words
...FINANCIAL CORPORATION MAKES ANNOUNCEMENT DALLAS, June 17 /PRNewswire/ -- Lomas Financial Corporation (LFC) (NYSE: LFC), parent of Lomas Mortgage USA, Inc. (Lomas), announced today that Lomas had reached an agreement in principle with...
- LOMAS FINANCIAL CORPORATION MAKES ANNOUNCEMENT /FOLLOWING REPEAT FROM YESTERDAY/
- Press release article from: PR Newswire June 18, 1992 700+ words
...ANNOUNCEMENT /FOLLOWING REPEAT FROM YESTERDAY/ DALLAS, June 17 /PRNewswire/ -- Lomas Financial Corporation (LFC) (NYSE: LFC), parent of Lomas Mortgage USA, Inc. (Lomas), announced today that Lomas had reached an agreement in principle with...
- BANKRUPTCY COURT APPROVES ADEQUACY OF LOMAS FINANCIAL CORPORATION'S REVISED...
- Press release article from: PR Newswire November 7, 1991 700+ words
...Inc., a wholly owned subsidiary of Lomas, which will be secured by assets of such...amount notes due 1999 (LMUSA notes) of Lomas Mortgage USA, Inc. (LMUSA), a wholly owned subsidiary of Lomas, bearing interest at a rate which increases...
Source: HighBeam Research, Report Brings Closure to Lomas.(Lomas Mortgage USA Inc.)(Brief...