Originally founded in 1995, Homecomings Financial Network Inc. grew to become one of the largest subprime mortgage lenders in the United States. It was acquired by Residential Capital, LLC (ResCap), a subsidiary of GMAC (later Ally Financial). The company specialized in originating and servicing non-conforming residential mortgage loans, often for borrowers with lower credit scores. During the housing boom of the 2000s, it was a major player in the securitization of these mortgages. The collapse of the subprime mortgage market during the 2008 financial crisis severely impacted the company and its parent. ResCap filed for bankruptcy in 2012, leading to the wind-down of Homecomings' operations and the sale of its remaining mortgage servicing rights, primarily to Ocwen Financial Corp.

Founded in

United States