Deals
Gleacher Delays Filing as Mortgage Unit Deemed in Default
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Gleacher & Co. delayed the filing of its annual report after a mortgage-lending unit that the New York-based securities firm has been building since 2010 was deemed this month in default under agreements with its lenders.
The subsidiary, ClearPoint Funding Inc., was able to obtain waivers from the three providers of its so-called warehouse lines of credit as its parent provided additional guarantees on some of its obligations, Gleacher said today in a filing with the Securities and Exchange Commission. Warehouse lines are used to finance lenders’ new mortgages until they’re sold.