American Mortgage News

BREA, Calif.--(BUSINESS WIRE)--ResMAE Mortgage Corporation (“ResMAE”) today announced it has signed an asset purchase agreement with Credit Suisse, pursuant to which Credit Suisse has agreed to acquire certain assets of ResMAE. Concurrent with the signing, ResMAE has voluntarily filed a petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code.

“This agreement brings together ResMAE’s core competence in originating subprime mortgages with Credit Suisse’s global expertise in risk management, securitization and distribution,” said Ed Resendez, President and Chief Executive Officer of ResMAE Mortgage Corporation.

“To ensure that our customer and vendor relationships remain intact during the sale process,” Ed Resendez added, “Credit Suisse is providing us with post-petition warehouse financing and operating funds that we anticipate will enable us to operate in a normal manner during the reorganization. Our offices shall remain open as usual with loan originations and the associated transactions proceeding in the ordinary course of business. Our customers should see no disruption in our service and delivery commitments. We currently expect that suppliers will be paid for all post-petition goods and services.”

The asset purchase agreement is subject to bankruptcy court approval as well as additional conditions to closing.

About Credit Suisse

Credit Suisse is one of the world's leading banks, providing clients with investment banking, private banking and asset management services worldwide.

About ResMAE Mortgage Corporation

ResMAE Mortgage Corporation is a wholesale subprime residential mortgage lender headquartered in Brea, California. The company originates wholesale loans through a network of independent mortgage brokers from processing centers throughout the United States. For more information, visit www.resmae.com