National City Corporation announced today that it has completed the sale of the First Franklin origination franchise and related servicing platform to Merrill Lynch & Co., effective Dec. 30, 2006. First Franklin is a leading originator of non-prime residential mortgage loans through a nationwide wholesale network. Under terms of the agreement, Merrill Lynch paid a $1.3 billion purchase price for the San Jose, Calif.-based First Franklin, and affiliated business units, Pittsburgh-based National City Home Loan Services and NationPoint, headquartered in Lake Forest, Calif.
National City Completes Sale of First Franklin
Most Popular Articles
Latest Articles
Why are existing home prices rising when sales are still so low?
Existing home sales fell in today’s report, but home prices are still up year over year, even with higher inventory and higher mortgage rates.