Irwin Financial No Longer Wants Its Mortgage Unit, GM Stays Mum on How Selling GMAC Progresses
Irwin Financial Corp. caught the mortgage and investment communities by surprise with its announcement that after enjoying a “fruitful” 25 year relationship with its mortgage unit, it wanted to spin off Irwin Mortgage as soon as possible. Irwin Chairman Will Miller said in a conference call last week that the mortgage industry had changed so much in the last five years that its first mortgage unit was now needing too much capital to remain competitive.…