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Lehman Brothers Buys M&A Broker Cohane Rafferty.(Brief Article)
Who says the mortgage consolidation game is over?
Last month, Wall Street giant Lehman Brothers purchased mortgage investment banking boutique Cohane Rafferty Securities Inc., Harrison, N.Y., for an undisclosed sum.
The privately-held CRSI has brokered some of the largest mortgage banking deals of the past two years, including the recent sale of HomeSide Lending, Jacksonville, Fla., to Washington Mutual, Seattle, and Wells Fargo's purchase of most of
GE Capital Mortgage Services.
However, some investment bankers that work in mortgages have questioned how much more consolidation is left. For instance, once WaMu closes on HomeSide, the top five residential servicers in the U.S. will control almost half of the nation's $5.4 trillion in receivables.
Also, some Wall Street firms, such as Bear Stearns and Salomon Smith Barney, have more or less exited the mortgage M&A arena.
But CRSI president William Curley told Mortgage Servicing News, "There is ...
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Source: HighBeam Research, Lehman Brothers Buys M&A Broker Cohane Rafferty.(Brief Article)