First Franklin Sale Continues Wall Street Foray into Market
September 15, 2006
One of the subprime market’s best established platforms, First Franklin Financial, has been sold – a transaction that continues a trend of consolidation that is reshaping the industry and leaving more origination capacity in the hands of Wall Street investment banks. “The sale of First Franklin is a clear win-win for all parties,” said David Daberko, chairman and CEO of National City, commenting on the decision to sell the origination shop to Merrill Lynch for $1.3 billion – a deal that is expected to close later...