Deutsche Buy of MortgageIT Platform Continues Investment Bank ‘Vertical’ Integration Trend
July 14, 2006
Wall Street’s push into the mortgage origination market continued in earnest this week, with Deutsche Bank’s announcement of an agreement to purchase New York-based wholesaler MortgageIT. Deutsche Bank said it would pay close to $429 million for the MortgageIT platform, which originates prime and Alt A loans through 50 branches around the country. Until recently, MortgageIT was also active in the subprime market, but the company exited that business in January because of profitability…