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First Guaranty Mortgage Files for Bankruptcy

First Guaranty Mortgage Corp. has announced that it filed for bankruptcy, citing “significant operating losses and cash flow challenges” due to “unforeseen” industry conditions.

First GuarantyThe Plano, Texas-based company said its bankruptcy filing had no effect on closed mortgages, which are already serviced by third-parties, and that it has “retained a portion of its workforce.”

The move follows reports that First Guaranty laid off 428 of the 565 employees in its suburban Dallas headquarters.

Read the full announcement.

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