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Flagstar Bank sues CEO of defunct Live Well Financial over unpaid loans

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Flagstar Bank sues CEO of defunct Live Well Financial over unpaid loans

Troy, Mich.-based Flagstar Bank FSB is suing Michael Hild, the head of recently closed mortgage originator Live Well Financial Inc., for unpaid loans worth more than $82 million.

The amount covers the principal, interest and expenses incurred by Live Well on a commercial loan made in 2017, with about $69.2 million still owed to Flagstar, and a warehouse loan made in 2016, with approximately $13.3 million still owed. The complaint was filed in the U.S. District Court for the Eastern District of Michigan.

Flagstar asked the court to enter a judgment in its favor for the amount due and owing under the loans, including interest, and for attorneys fees and other court costs.

Live Well, which specialized in reverse mortgages, ceased operations May 3 "due to unexpected circumstances." The company was the subject of a number of class lawsuits, including one from clients and another from a former employee for the sudden termination of the company's 103 employees.