CMG Acquires San Diego Banker/Broker

CMG Mortgage, San Ramon, Calif., has acquired General Mortgage, a banker/broker based in San Diego, and its four retail offices. The deal comes on the heels of CMG opening new offices in Kirkland, Wash., Minneapolis and Denver. "The opportunity for us to expand into a vibrant new market ties directly into our strategic plan," said Chris George, founder and chief executive of CMG Mortgage. "Establishing a retail presence in the San Diego area enables us to fast-track our company's ability to offer our proprietary Home Ownership Accelerator loan product to an even broader base of consumers. We are continuing to evaluate additional growth opportunities and will do so throughout 2010." CMG recently re-introduced the HOA product that it originally introduced in 2005. After funding $2.5 billion of the HOA over a three-year period, the company suspended offering the mortgage in 2008 due to the onset of the mortgage market meltdown.