Capital Markets Cooperative and Bank of Internet form strategic alliance
Capital Markets Cooperative and Bank of Internet entered into a strategic alliance to offer CMC clients specialized jumbo loan products. CMC is a mortgage originator as well as a mortgage capital markets firm that provides consolatory and advisory services. Bank of Internet is a nationwide savings bank with $1.6 billion in assets that operates primarily through the Internet. It is a prominent buyer of portfolio jumbo loans. CMC President Tom Millon said the alliance is especially exciting because Bank of Internet is a CMC patron. "True to the spirit of our cooperative, we're offering solutions by our members, for our members," Millon said. CMC recently entered into an investment deal priced at $100 million with private equity firm WL Ross & Co. Both Millon and Wilbur Ross sat down with HousingWire to discuss the venture in the January issue of the magazine. Get a sneak peek here. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.