Deutsche Bank Strikes Again as It Plans to Buy Nonprime Mortgage Firm MortgageIT for $429m
July 21, 2006
It is a good time for Wall Street firms to think about buying mortgage companies. Barclays Bank is buying Wachovia’s subprime servicing shop, HomEq Servicing Corp., and now Deutsche Bank will shell out $429 million to purchase nonprime lender MortgageIT. “It is a difficult environment and it’s causing some [lenders] to rethink what they are doing in the business,” said Brenda White, a managing director with Deloitte & Touche’s corporate finance unit. …