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Deal Done As Others Progress

Deal Done As Others Progress

Recent mortgage mergers, acquisitions & corporate activity

September 18, 2006



photo of Coco Salazar
There is a new name in mortgage lending.

But first, the Chicago Board of Trade on Friday announced it invested $1 million in ROOT, a commodities exchange for Internet-generated consumer leads. “Our partnership with ROOT represents an opportunity to be at the forefront of Internet lead futures trading,” CBOT President and Chief Executive Officer Bernard W. Dan said in the announcement.

The New York Stock Exchange said Wednesday it fined Wachovia Corp. $2.25 million for failing to review and retain e-mail communications, as required by NYSE Rules and the federal securities laws, on both operational and supervisory levels. The communications were made between January 1999 and April 2006 and relating to its capital markets and securities businesses. Of the fine, $1.65 million will be waived in recognition of the payment as part of a $25 million regulatory settlement with North American Securities Administrators Association relating to e-mail communications.

The previously announced tender offer and consent solicitation for PHH Corp.’s public notes resulted in consents on behalf of approximately $585 million and tenders on behalf of approximately $416 million of the aggregate principal amount of the $1.081 billion of the Securities, together representing approximately 93% of the outstanding principal amount thereof.

Fitch Ratings announced it revised Wells Fargo & Co.’s outlook to positive, noting it will be looking for Wells to “demonstrate its ability to sustain profitability and balance sheet strength at or near recent levels, even as it faces more challenging conditions over the near to intermediate term.” Fitch said it will monitor Wells businesses that lean heavily toward mortgage products.

New York-based Guaranteed Home Mortgage Company Inc. reported it recently expanded in Massachusetts with a new office in Lawrence.

Allied Home Mortgage Capital Corp. announced it opened a new branch in Cadiz, Ohio and another in Dalton, Ga. Including four branches opened earlier this month, Allied has reportedly added 40 branches so far this year.

The Federal Reserve Board approved Vermont-based Passumpsic Bancorp’s acquisition of The Siwooganock Holding Company Inc. and its 10 percent ownership of the voting shares of The Lancaster National Bank.

The shareholders of Aames Investment Corp. approved Thursday its merger with Accredited Home Lenders Holding Co. Eighty-four percent of the outstanding shares voted for the merger transaction, which is expected to close Oct. 2.

Deutsche Bank completed its acquisition of mortgage originator Chapel Funding LLC.

The origination and servicing businesses of Chapel will be operated under the name db home lending, according to Deutsche. The unit will operate as a part of Deutsche’s global markets residential mortgage-backed securities platform.

db home lending is a national lender licensed in 36 states, offering its network of brokers a wide variety of products with a world-class service plan, the announcement said.

“Leveraging Chapel Funding’s business alongside our other channels of mortgage loan origination, such as the recently announced acquisition of MortgageIT, will further advance our position as a leading RMBS player,” said Managing Director Michael Commaroto in the statement.

Coco Salazar is an assistant editor and staff writer for

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