Metropolitan Equity Partners, New York, has pulled out of a deal to buy a mortgage brokerage firm because of concerns over declining loan volumes and worries about mortgage buybacks. MEP managing director Frank Gallagi said he still likes the mortgage industry and would like to make an investment but not at this time. He declined to identify the company or talk about the deal further. He stressed that the lender he was targeting will survive and is not in danger of failing. In an e-mail to National Mortgage News, he said, "I'm still very interested in deploying funds into this sector and am continually looking for opportunities." MEP planned to convert the brokerage firm into a mortgage banker.
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