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WaMu, M&A Market Quiet - for Now.(Brief Article)
The mergers and acquisition market for mortgage banking franchises has been so quiet lately you can hear a pin drop.
Not only that, but the largest buyer of all time - Washington Mutual of Seattle - is currently sitting on the sidelines, digesting the many mortgage bankers it purchased over the past 18 months.
Even though WaMu mortgage chief Craig Davis said in December that the mega-thrift would continue its "buy and build" strategy, company insiders say that it currently is not contemplating any notable deals.
"We're sitting tight," said one manager, requesting his name not be used. "We bought so much that you might say it's causing some indigestion."
The "indigestion" comment is a reference to all the different servicing technology systems and production platforms WaMu has to integrate. Among the firms WaMu has bought over the past two years: Bank United, Houston; Fleet Mortgage, Columbia, S.C.; PNC Mortgage, Vernon Hills, Ill.; and most recently, HomeSide Lending, Jacksonville, Fla., among others.
The HomeSide deal closed in early March and WaMu now has to figure out what it will do with the Jacksonville and San ...
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Source: HighBeam Research, WaMu, M&A Market Quiet - for Now.(Brief Article)