Deutsche Bank has agreed to purchase MortgageIT Holdings Inc., New York, the nation's 21st-largest lender, for $429 million, or $14.75 a share.The purchase is Deutsche Bank's second mortgage-related acquisition in eight weeks. A real estate investment trust, MortgageIT Holdings owns MortgageIT Inc., a residential mortgage lender that employs 2,100 full-timers in 50 branches and is licensed to originate mortgages in all 50 states. The operating company will become a part of Deutsche Bank's residential mortgage-backed securities business in New York. Phil Weingord, Deutsche Bank's head of global markets for the Americas, said the company continues to expand its RMBS business and believes "the vertical integration of a leading mortgage originator like MortgageIT will provide significant competitive advantages, such as access to a steady source of product for distribution into the mortgage capital markets." Doug Naidus, chairman and chief executive officer of MortgageIT, said the transaction "will enable us to accomplish our mutual goal of becoming a top player in the U.S. residential lending and securitization markets in short order." The companies can be found online at http://www.db.com and http://www.mortgageitholdings.com.
