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Citadel Bests Credit Suisse, Will Buy Bankrupt ResMAE 

ResMAE Mortgage Corporation, one the nation’s largest wholesale subprime lenders, said Tuesday that it will be purchased by an affiliate of Citadel Investment Group, LLC for $22 million, beating out a competing bid from Credit Suisse. The agreement with Citadel replaces the agreement signed in February with Credit Suisse, ResMAE officials said in a press statement. The US Bankruptcy Court for the District of Delaware has approved the $180 million deal, which also included roughly $160 million in the company’s loan portfolio as well its lending operations. ResMAE originally filed chapter 11 case on February 12, as reported by Housing Wire, and at the time Credit Suisse had stepped in to bail out the troubled lender, enabling it to continue operations.