Mortgage Market Tumult Pushes Pimco-Backed Home Lender Into Chapter 11

Wall Street Journal Pro, June 30, 2022–Becky Yerak (subscription)
Residential lender First Guaranty Mortgage Corp. filed for bankruptcy, citing worsening conditions in the mortgage market as home sales slow and fewer home borrowers refinance due to rising interest rates and tight housing supply. First Guaranty cut 471 jobs, nearly 80% of its workforce.