FirstAm Buys 75% Stake in Matrix Sub

The First American Corp., Santa Ana, Calif., and Matrix Bancorp Inc., Denver, have announced that First American has acquired a 75% stake in Matrix's subsidiary Matrix Asset Management in a transaction valued at approximately $15 million.The purchase price includes a combination of cash and notes. Matrix Asset offers disposition and default management services on foreclosed properties to mortgage bankers and other financial institutions. "The demand for outsourced default management services is growing rapidly as large and middle-tier mortgage lenders are increasingly looking to streamline their operations and have complex services managed by experts," said Parker S. Kennedy, president and chief executive officer of First American, which provides data to the mortgage industry, among others, as well as outsourced default services. First American can be found online at http://www.firstam.com.