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Article: CitiMortgage Buys Online Lender iOwn.(Brief Article)
- Article from:
- American Banker
- Article date:
- February 15, 2001
- Author:
CopyrightCOPYRIGHT 2001 SourceMedia, Inc. 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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CitiMortgage Inc., the mortgage unit of Citigroup Inc., announced Wednesday that it had purchased what is left of iOwn.com, a struggling online lender that ceased most operations last summer.
Financial details of the deal were not disclosed. CitiMortgage said it would use the acquisition would expand its online operations. iOwn's chief executive, Edward P. Hoyt, Wednesday said the company had sold its Web site and associated technology and equipment. "I'm delighted," he said. "Citi is a tremendous institution."
He said the early pioneers in this business didn't have the resources to see their plans through to ...