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Wholesale Operation Changes Hands

Accredited to absorb Aames broker business before merger

June 26, 2006

By MortgageDaily.com staff

Two California-based subprime mortgage bankers have made a deal to transfer the wholesale operations of one company to the other ahead of their upcoming merger.

Accredited Home Lenders Holding Co. will absorb the wholesale operations of Aames Investment Corp. starting today and finishing in July, according to a joint announcement today.

Aames wholesale employees will reportedly be offered jobs at Accredited.

The early transfer of the wholesale division is "designed to reduce employee attrition and maximize the expected synergies from the combination," the statement said.

Last month the companies announced that San Diego-based Accredited would acquire Los Angeles-based Aames in a $340 million cash-and-stock transaction. Today's announcement indicated the merger, which is still subject to shareholder and regulatory approval, is still on target to close in the third quarter.

"The revised timetable will streamline and consolidate the wholesale operations of the two nonprime mortgage lenders in advance of the closing of the merger," the companies said.

Between both companies, reported 2005 mortgage originations were $23.4 billion. Total wholesale employees at both companies are 1,525 and will be led by Accredited Director of Wholesale Operations James Voisard, today's statement said.

"Our goal is to enhance our position as one of the most profitable and lowest cost wholesale originators," said Accredited Chairman and CEO James Konrath in the announcement.

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