Mortgage Mergers & Corporate Activity from MortgageDaily.com
DALLAS, September 11 /PRNewswire/ The appointment of a new president at the country’s biggest mortgage banker topped other corporate activity in real estate finance, according to MortgageDaily.com, the dominant source of online news for the mortgage industry.
David Sambol was named president and chief operating officer of Countrywide Financial, the company announced Friday. The 21-year executive will oversee a mortgage banking operation that reportedly originated nearly a half trillion dollars in residential mortgages last year — more than any other U.S. lender.
Sambol possesses skills that will help carry the Calabasas, Calif.-based company “through the challenges and opportunities of both the current and future business environments,” said Countrywide founder and Chairman Angelo R. Mozilo in the statement. (https://www.mortgagedaily.com/CountrywidePresident090806.asp)
Mozilo forecast the business environment for the mortgage sector in a recent conference call with analysts, noting he was concerned about the new spate of competitors on the horizon because of how they operate. “They don’t know the mortgage business, and that makes them a dangerous competitor.” (https://www.mortgagedaily.com/CountrywideConferenceCall083106.asp)
“The Donald’s” mortgage company, Trump Mortgage LLC, is growing by leaps and bounds — acquiring lending licenses in 15 states.
“The company is expanding at a very rapid rate and I anticipate we will be awarded many additional state licenses in the very near future,” founder Donald Trump said in a written statement. (https://www.mortgagedaily.com/Mergers090506.asp)
Merrill Lynch & Co. is jumping into subprime mortgage lending — having inked a deal to acquire First Franklin from National City Corp. First Franklin reported second quarter originations of nearly $7 billion. (https://www.mortgagedaily.com/FirstFranklinSale090506.asp)
First Horizon National warned investors recently that deterioration in the mortgage sector will reduce its pretax third quarter operating earnings by approximately $35 million from the prior quarter.
“Mortgage banking operating earnings for the first two months of this quarter have been unfavorably impacted by lower gain on sale margins, further reductions in mortgage production and increased costs to hedge the servicing risks,” the company said. (https://www.mortgagedaily.com/FirstHorizonEarnings082906.asp)
Read all stories about mortgage mergers, acquisitions and other corporate news at https://www.mortgagedaily.com/Corporate.asp
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