Metrocities Mortgage of California -- one of the largest remaining privately held nondepositories in the United States -- is slated for sale to a hedge fund, industry sources have told MortgageWire.The sale would also include the lender's wholesale affiliate, No Red Tape Mortgage. At deadline time, Metrocities chief executive Paul Wylie could not be reached for comment. According to the Quarterly Data Report, Sherman Oaks, Calif.-based Metrocities ranks 53rd among all residential lenders. "There's a bid letter out on the company," said one adviser. (For complete details, see the April 16 edition of National Mortgage News.)
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