National City Corp. has completed the sale of $3.6 billion in loans originated by its subprime mortgage lending subsidiary, First Franklin Financial Corp., and expects to realize a $1 billion gain on the sale of First Franklin's origination and servicing platform by the end of the year. The sale of $3.6 billion in First Franklin loans was less than planned because of payoffs and exclusions permitted by the sale contract, National City reported Thursday in a Securities and Exchange Commission filing. Another sale of $650 million in First Franklin loans is expected to close in December. The sale of First Franklin to Merrill Lynch & Co. is subject to regulatory approval and expected close by the end of the year, National City said. In the meantime, First Franklin added 46 employees in N...
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