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Article: Merrill Lynch Discontinues First Franklin Mortgage Origination; Will Explore Sale of Home Loan Services.
- Article from:
- Business Wire
- Article date:
- March 5, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Global Wealth Management Mortgage Origination to Continue Through Merrill Lynch Credit Corporation
NEW YORK -- Merrill Lynch (NYSE: MER) said today that it is discontinuing mortgage origination at its First Franklin subsidiary in the United States and will explore the sale of Home Loan Services, a mortgage loan servicing unit for First Franklin.
The company said it made the decision to discontinue lending by First Franklin because of the deterioration of the subprime lending market.
"Since July, we have reduced staffing at First Franklin by nearly 70 percent, but after evaluating a number of strategies, we believe it is appropriate to ...