Wachovia Corp., which is buying Golden West Financial Corp., is "very good" at integrating acquisitions, an American Mortgage Network executive told a news conference held by the Mortgage Bankers Association at its secondary mortgage market conference in Chicago.It is a topic on which John Robbins, AmNet's chairman and chief executive, speaks with authority, because a unit of the Charlotte, N.C.-based Wachovia acquired AmNet last year. From his point of view, the acquisition of AmNet was "relatively seamless," Mr. Robbins said. Wachovia, he said, is "very intelligent" about how it brings companies into the fold. Mr. Robbins, who will be the next president of the MBA, said he does not know whether the deal will affect the San Diego-based AmNet, but that there might be synergies between Golden West and AmNet in terms of product originated. Approximately 70% of Golden West's volume is in option adjustable-rate mortgages, he said, while 40%-45% of AmNet's production is in alternative-A loans, option ARMs, and interest-only loans. Mr. Robbins said this is a good time for companies to be making acquisitions, rather than paying top dollar at the height of the market. "The game here is eat or be eaten," he said.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
April 19 -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
April 19 -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
April 19 -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
April 19 -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
April 19 -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18