In local news today, Merrill Lynch is purchasing First Republic Bank for $55 per share. First Republic shares are up 41% this morning.
Mandalay Mortgage, a top-30-ranked subprime wholesale originator, announced that is closing its doors tomorrow and will stop funding loans. I guess that this leaves more room for the remaining lenders in that segment
Wells Fargo led the pack in retail originations last year with roughly $160 billion for 2006. They were followed by Countrywide, BofA, WAMU, and Chase in the top 5. Also on the list were Golden West, Quicken, USAA, and First Magnus (#20 with roughly $11 billion for the year).
ABN AMRO announced that it is selling ABN AMRO Mortgage Group, its US-based Residential Mortgage Broker Origination platform and servicing business (which includes AAMG, InterFirst and Mortgage.com), to Citigroup. Citigroup will purchase approximately $9 billion in net assets, of which approximately $3 billion is ABN AMRO Mortgage Group's mortgage servicing rights associated with its $224 billion mortgage servicing portfolio.
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