Mortgage Banks Rush to Go on the Block
Saft, James H., American Banker
"Everything is for sale," exulted one investment banker. "Every single mortgage banker in America has to be thinking about selling into this market."
This may be an overstatement, but only a slight one. It certainly has seemed in recent weeks that just about every mortgage company not already owned by a bank is looking for a new parent.
Last week alone, American Residential Mortgage and Knutson Mortgage announced that they are on the block, and rumors were rife about North American Mortgage and Source One Mortgage.
Besides the debilitated originations market and frustration with the way mortgage companies are valued by the stock market, mortgage banks are …
Questia, a part of Gale, Cengage Learning. www.questia.com
Publication information: Article title: Mortgage Banks Rush to Go on the Block. Contributors: Saft, James H. - Author. Magazine title: American Banker. Volume: 159. Issue: 130 Publication date: July 8, 1994. Page number: 10. © 2009 SourceMedia, Inc. COPYRIGHT 1994 Gale Group.