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American Mortgage Corporation

New American Mortgage Merger Announcement on March Mar 17, 2011

Charlotte Chamber President Bob Morgan along with former NFL player Casey Crawford announce the merger of Charlotte companies New American ...

Citizens Financial (CFG) Acquires Franklin American Mortgage

Free Report ) have gained nearly 1% since Aug 1, after it announced the completion of Franklin American Mortgage Company buyout. The all-cash deal was announced in early June 2018 and was valued at $511 million.

Franklin, TN-based Franklin American Mortgage is a well-diversified and nationwide provider of mortgage servicing and origination, with a leading position among private, nonbank mortgage companies.

Citizens Financial’s off-balance sheet mortgage servicing portfolio has tripled because of the acquisition, from $21.6 billion to nearly $65.3 billion, with a total servicing portfolio of about $83.1 billion including existing on-balance sheet mortgage portfolio. The acquisition also includes mortgage servicing rights valued at $600 million as of Jun 30, 2018.

Further, Citizens Financial seeks to maintain a significant presence in Tennessee and Texas markets with help from the expanded distribution platform of the combined business.

Brad Conner, Citizens Financial’s Vice Chairman and Head of Consumer Banking, said “We believe this transaction creates tremendous value for Citizens and takes our mortgage business to the next level, expanding our reach and adding immediate scale in servicing as well as innovative correspondent and wholesale solutions.

Morning Scan Facebook wants banks to share data; Zillow gets into mortgages

American Banker notes: "While Facebook is promising bankers that it won't use any financial data for ads or share it with third parties, that is unlikely to pass muster with compliance officers , executives and regulators."

On board: Federal Deposit Insurance Corp. Chairman Jelena McWilliams said her “top priorities are examining the regulatory burden on small banks , speeding up her agency’s review of bank-charter applications and helping banks introduce new financial products for underserved communities.” She expressed support for last week’s Treasury Department proposal to create a regulatory “sandbox” to foster new ideas. “If we can create a framework where that green light is given in a way that is safe for the consumers, why not?” she said.

Be patient: Despite a rather ho-hum second quarter earnings report dragged down by higher expenses, HSBC “is building the future earnings power it promised.” The bank “is finding the loan growth it promised and that should boost earnings and dividends in the years ahead . HSBC is never going to shoot the lights out — nor will it try to — but it still looks a better bet than many rivals.”

How much longer will our government allow American corporations to outsource American jobs oversea?

We all know the underlining cause of this economic depression is job outsourcing. It is not because of the war in Iraq & Afghanistan. It is not because of the mortgage crisis.

You have bad information. The cause of the current economic recession was the mortgage crisis! The cause of the mortgage crisis was government over and/or mis-management which was written and protected by Democrats for decades.

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