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Capital Markets Cooperative Closes Acquisition of Cunningham & Company(January 18, 2012)
Ponte Vedra Beach, Fla. (PRWEB) January 18, 2012
Capital Markets Cooperative (CMC) has closed its transaction to acquire Cunningham & Company (Cunningham) a North Carolina based mortgage banker that is a fully approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae issuer.
Bringing Cunningham & Company into the CMC portfolio allows us to effectively address customer concerns of secondary market liquidity for their loans, said Tom Millon, President, CEO and founder of CMC. The acquisition provides additional liquidity opportunities through loan commitments to Fannie Mae and Freddie Mac, the issuance of Ginnie Mae securities, and our ability to own mortgage servicing rights.
CMC now owns 100 percent of Cunninghams common stock, but the company will retain its name, management team, and continue to be led by company founder and CEO Hank Cunningham. Cunningham has more than 100 mortgage professionals operating in 11 North Carolina communities.
Bringing Hank and his team aboard has been a smooth and successful transition, Millon said. Cunningham is a strong company with which CMC has a long-standing relationship, and we are excited to have Cunningham as part of the ever-growing CMC organization.
Cunninghams strategic mortgage platform is now stronger than ever, said Hank Cunningham, who founded the company 21 years ago. The combination of Cunningham & Company and Capital Markets Cooperative has created many opportunities for platform expansion as the industry continues to change and evolve. We are thrilled to be part of a team that has deep capabilities and a strong market niche.
About Capital Markets Cooperative
Capital Markets Cooperative provides mortgage bankers with the economies of scale and the expertise to reduce risk and maximize profit in the secondary market. Regarded as the premiere secondary marketing specialist in the mortgage industry, CMC works with financial institutions nationwide to break traditional barriers in capital markets and take performance to the next level of profitability. CMCs participating financial institutions originate more than $25 billion of mortgages annually, and CMC executives have managed more than $500 billion of mortgage volume. Affiliates of WL Ross & Co. LLC (WL Ross) own stock in CMCs holding company, Capital Markets Holdings, Inc. WL Ross is a leading private equity firm that has sponsored and managed more than $10 billion of investments, many of which have been in the financial services sector. For more information, visit http://www.capmkts.org or call (904)-543-0052.
Read the full story at http://www.prweb.com/releases/2012/1/prweb9116965.htm.
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