Merrill Lynch Looking to Buy Mortgage Company
With the rise in consolidation of the mortgage industry after a 5 year run of record profits, Merrill Lynch is looking to make a purchase in the industry. The company does not have any exposure in the mortgage world, but is looking to buy into the dip as independent mortgage companies retrench.
New York-based Merrill’s top managers spent the past six months determining how to spend “excess capital,” Chief Administrative Officer Ahmass Fakahany said in an interview last week. The firm, which has the world’s biggest network of brokers, decided against expanding by buying a consumer bank, he said.
“What’s new is an increased emphasis on building our institutional business,” said Fakahany, 47. “When I say mortgage origination will take capital, that’s because it requires an acquisition.”
The biggest U.S. mortgage lenders not owned by major banks include Countrywide Financial Corp., Ameriquest Mortgage Co. and IndyMac Bancorp Inc. Fakahany declined to name potential targets.
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[...] Blog Name: The Real Estate Bloggers Article Title: Merrill Lynch Looking to Buy Mortgage Company With the rise in consolidation of the mortgage industry after a 5 year run of record profits, Merrill Lynch is looking to make a purchase in the industry. The company does not have any exposure in the mortgage world, but is looking to buy into the d… [...]