Two of the 12 Federal Home Loan Banks announced last week they are deep into merger talks that, if consummated, would create the largest single entity within the FHLBank system. The proposed merger of the FHLBank of Des Moines and the smaller, troubled FHLBank of Seattle would create an institution with more than 1,500 member financial institutions in 13 states and three U.S. territories in the Pacific Ocean. “A detailed due diligence process is...
With origination volumes sucking wind this year, plenty of mortgage companies are pondering whether now is the time to sell, but so far few deals of any size have been consummated. That may change in the coming months. On the buy-side, a dozen or so potential acquirers have emerged, including such growth-minded nonbanks as Prospect Mortgage, RPM Mortgage – both of which are based in California – and possibly AmeriSave Mortgage of Atlanta. Also, Willie Newman, the former CEO of Cole Taylor Mortgage, has teamed up...
Credit Suisse submitted winning bids on all of the non-agency MBS auctioned by BlackRock, with most of the securities quickly being placed with other investors.
NAR Chief Economist Lawrence Yun: “The way they have raised premiums and fees – the way I view it and what I hear from Realtors – is essentially they are ripping off consumers. It’s almost as if HUD needs to be turned over to the CFPB to be investigated"...
“There’s lots of talk of companies being for sale right now,” said Paul Hindman, managing director of Management Advisors Executive Search, “but not too much talk of deals closing.”
“Prospect has a target list and they have an audience,” said one advisor. “But so far, in the mortgage M&A market there has been a lot of talk – with not too many deals getting done.”
Union Mortgage has been losing some of its top executives over the past year. A few months back, its president and CEO Robert Eastep departed for Stonegate Mortgage…
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