Southern Pacific Funding Corp., Lake Oswego, Ore., has announced the retention of Morgan Stanley Dean Witter to explore "strategic alternatives" that could include a merger or a strategic alliance."The domestic and international nonconforming mortgage lending market opportunities are dynamic and growing," said Robert W. Howard, SPFC's chief executive officer and vice chairman. Mr. Howard said gaining access to capital to support the company's "robust growth" was one reason the board of directors had engaged Morgan Stanley. The home equity lender recently reported record net earnings of $14.5 million ($0.60 per share) for the second quarter. SPFC's website address is http://www.sp-funding.com.
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