Flagstar Bancorp will shed all of Live Well Financial's securities, following the abrupt closure of Live Well in May 2019.
"Flagstar detailed that the burden of the exposure has been overcome while Flagstar itself continues cooperating with authorities seeking fraud charges against both Live Well at-large and its former CEO, Michael Hild, specifically," according to Reverse Mortgage Daily.
"The announcement was made in a press release issued last week, which announced the sale of the affected assets."
Flagstar is looking to put the situation behind them, with criminal and civil proceedings moving forward against Live Well.
"This is the latest development in the ongoing story related to the abrupt closure of Live Well Financial," according to RMD.
"In addition to arresting Hild, federal authorities also charged two other former Live Well executives with similar charges, and they are reportedly cooperating with investigators."
To learn more about Flagstar's burden following Live Well Financial's closure, click on the image above.