Merrill Lynch Buys Mortgage Business
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NEW YORK -- The brokerage Merrill Lynch announced Tuesday that it plans to acquire the mortgage business of Cleveland-based National City Corp. for $1.3 billion.
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The casino company said it hired Merrill Lynch to help it explore strategic alternatives, which could include the possibility of a sale.
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Blackstone Group LP, the private equity firm that bought Equity Office Properties Trust in the biggest leveraged buyout ever, has sold 53 buildings in Washington, D.C., Portland, Ore., and Seattle for $7.55 billion, said three people with direct knowledge of the transactions.
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Prime Hospitality, a Fairfield company that operates AmeriSuites, Wellesley Inns and Suites and Prime Hotels, said yesterday it has agreed to be acquired by the Blackstone Group, a private equity group, for $590 million, plus assumed debt.
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NEW YORK (CBS.MW) -- The Blackstone Group agreed to buy Prime Hospitality Corp., which owns Wellesley Inn and AmeriSuites hotels, for $790 million, including the assumption of debt.
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In an effort to raise cash amid mounting mortgage losses, Merrill Lynch agreed to sell the majority of its capital finance business to General Electric for an undisclosed amount.
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The deal rescues Countrywide, Americaâs largest mortgage lender and expands the financial services empire of Bank of America, the nationâs largest consumer bank.
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The deal will bolster Bank of Americaâs position in the mortgage market while rescuing Countrywide from possible bankruptcy.
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Bank of America Corp said on Friday it agreed to acquire Countrywide Financial Corp, the largest U.S. mortgage lender, in a $4 billion transaction that could help avert one of the biggest collapses in the U.S. housing crisis.
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Merrill Lynch also took a write-down of more than $14 billion as subprime mortgage woes took another bite out of its balance sheet.
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Merrill Lynch said solid fundamentals and a recent pullback in the US oil services and drilling group have provided some buying opportunities.
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Investment bank Merrill Lynch  has seized $400 million in assets of a troubled hedge fund at Bear Stearns Cos. Inc.  and plans to sell them off, The Wall Street Journal reported in its weekend edition.
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Profit at Merrill Lynch & Co. Inc.   could take a big hit if the U.S. brokerage heavyweight  cuts the value on nearly $1 billion in subprime lender assets  it bought just eight months ago.
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Equity Inns Inc. , which owns mid-market hotels, has agreed to be acquired by Goldman Sachs'  real estate fund, Whitehall, in a deal worth $2.2 billion, including assumed debt, the company said on Thursday.
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NEW YORK - Merrill Lynch &amp; Co. yesterday took a $7.9 billion writedown because of the summer's credit crisis, a bigger-than-expected amount that raised the specter of more trouble ahead from risky home loans.
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Merrill Lynch said today it has devalued its collection of mortgage-backed assets by $7.9 billion, far more than the company estimated only three weeks ago and a sign that the financial industry still may not have a full grip on problems related to risky, subprime loans.
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MILWAUKEE, Feb. 6  â A mortgage insurance provider, the MGIC Investment Corporation, has agreed to buy a rival, the Radian Group, for $4.9 billion in stock to form a mortgage and credit risk insurance company with total assets of nearly $15 billion, the companies said Tuesday.