Bravo to Buy Retail Mortgage Branches

ECC Capital Corp., a mortgage finance company based in Irvine, Calif., has announced an agreement under which its retail subsidiary, Bravo Credit Corp., will acquire certain assets and retail mortgage branches from America's MoneyLine Inc.As part of the proposed transaction, Bravo will extend employment to America's MoneyLine employees at the mortgage branches in Connecticut, Maryland, New Jersey, North Carolina, and Texas. It will also offer positions in its Tampa, Fla., office to Tampa employees of America's MoneyLine, which is a wholly owned subsidiary of Saxon Capital Inc., ECC Capital said. Shabi Asghar, president and co-chief executive officer of ECC Capital, said the proposed acquisition is in line with the company's plan to expand its retail origination platform. James V. Smith, Saxon's executive vice president for production, said the new platform would provide "significant opportunities for America's MoneyLine and Saxon to fully leverage [our] centralized operation centers, improve productivity levels, increase geographic flexibility, and reduce our overall net cost to produce." Saxon can be found online at http://www.saxoncapitalinc.com.