First Guaranty Mortgage Corporation
The firm is counsel to First Guaranty Mortgage Corporation (“FGMC”), which filed for bankruptcy protection in the United States Bankruptcy Court for the District of Delaware in June 2022. Prior to filing for bankruptcy protection, FGMC operated as a full service, nonbank mortgage lender and was one of the leading independent mortgage companies in the United States that originated residential mortgages through a national platform. During its bankruptcy case, FGMC successfully negotiated settlement agreements with the Federal Home Loan Mortgage Corporation (Freddie Mac), the Federal National Mortgage Association (Fannie Mae) and numerous other loan and servicing counterparties. As a result of these agreements, FGMC was able to propose and confirm a plan of liquidation in late September 2022. Under the confirmed plan, a liquidating trust was created to collect and liquidate assets transferred to the liquidating trust. The firm continues to act as counsel to the liquidating debtor and the trustee of the postconfirmation liquidating trust in completing those tasks.
