With CPM Shut, TMSF Officially Kills Deal

TMSF Holdings, Los Angeles, has officially terminated its agreement to acquire certain wholesale assets of the now-defunct Central Pacific Mortgage, Folsom, Calif., due to what it calls "adverse market conditions."A nondepository, CPM closed its doors recently, as did its Florida affiliate, Ivanhoe Mortgage, a $2 billion-a-year funder. TMSF chief financial officer Daniel Rood told MortgageWire that CPM "went bust three days before the deal was supposed to close." Industry sources told MW that CPM, a mostly prime and alternative-A lender, had buyback requests it could not meet. "They were forced to close because of their warehouse lender," said one adviser, requesting anonymity. TMSF Holdings is a financial holding company that owns The Mortgage Store Financial, a nationwide mortgage banking firm. TMSF can be found online at http://www.tmsfholdings.com.