Items Tagged with 'Joint Venture'

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  • CMG Financial plans big move into joint ventures

    Hires former Guaranteed Rate Affinity manager Chris Harris
    CMG Financial is plotting a big move into joint ventures and the privately held mortgage banking firm has chosen someone with extensive experience at a well-known joint venture to lead the effort. CMG Financial announced Tuesday that it hired Chris Harris as its vice president, national joint venture manager. Harris joins CMG after spending 10 years with Guaranteed Rate Affinity, the joint venture between Guaranteed Rate and Realogy.
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  • Comeback kids: Is it time for the return of the joint-venture?

    Relaxing regulations and competitive market conditions could bring favor back to the JV
    The return of the joint venture might be nigh upon us. Last week, the Federal Reserve lifted its hand off of Flagstar Bancorp, terminating its Supervisory Agreement with the company. Could this be indicative of sea-change for the mortgage lending industry?
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  • New Penn Financial expands into Nevada with launch of Synergy Home Mortgage

    Launches joint venture with Reno real estate agencies
    New Penn Financial, a mortgage lender that is owned by Shellpoint Partners, announced Monday that it is expanding into Nevada by launching Synergy Home Mortgage. Synergy Home Mortgage is a joint venture between New Penn and local real estate firms Dickson Realty and Ferrari-Lund Real Estate.
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  • BofA Needs $44 Billion, Citi Pushes Joint Venture

    Federal regulators found Bank of America [stock BAC][/stock], one of the major US banks faced with a government-initiated stress test, is lacking capital on the order of $33.9bn, a bank executive told the New York Times. Although executives said they consider the number larger than the bank actually needs, BofA has capital-raising alternatives to converting some of the $45bn in government capital through the Troubled Asset Relief Program (TARP) into common stock and consequentially giving the government partial ownership.
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  • Update: Litton's Price Pegged at $500 Million

    Following up on a story from earlier this week, American Banker reports that an inside source has estimated the rumored purchase of Litton Loan Servicing by Goldman Sachs at $500 million. Litton, currently affiliated with Credit-Based Asset Servicing and Securitization (C-BASS to most in the industry), is a specialist in servicing non-performing and scratch-and-dent loans.
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  • Bank of Scotland Among Partners Launching U.S. Real Estate Mezzanine Fund

    TriLyn LLC and Investcorp announced jointly Monday the formation of a real estate mezzanine fund formed to originate, invest in and hold a wide range of structured mezzanine and other high-yielding debt and preferred equity investments in U.S. commercial and residential real estate. The fund was established with $100 million in initial capital commitments from affiliates of Investcorp and its clients, as well as Bank of Scotland.
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