Oxford Funding to Buy Subprime Lender

Oxford Funding Corp., Houston, has announced plans to acquire Huntington Financial Corp., a Houston-based commercial and residential mortgage broker, citing a desire to expand its subprime lending.The terms of the deal were not disclosed. Huntington was founded in 1998 as a mortgage financing broker for real estate developers, investors, and private owners throughout Texas. "The acquisition of Huntington is another important step in our strategy of broadening Oxford's franchise in the subprime residential mortgage business," said Ron Redd, Oxford's chief executive officer. "The subprime meltdown delivers an unprecedented opportunity for Oxford Funding unheard of since the crisis of the 1990s. Acquisition of Huntington Financial provides Oxford with open origination capabilities in the nonprime market, which we can build upon to provide access to high-quality deal flow." Oxford can be found online at http://www.oxfordfunding.com.