| Churchill Expands With Back-To-Back
PHOENIX-Thirteen years after launching Churchill Mortgage Corp., a mortgage veteran has bought the Arizona component from her California-based partner and then merged it with the commercial banking arm. As a result, Churchill Commercial Capital Inc. is now one of the top five commercial mortgage bankers in the state with a loan-servicing portfolio topping $500 million. According to Cynthia Hammond, president of Churchill Commercial Capital, the merger means her company now handles the money side of loan servicing as well underwriting. She co-founded Churchill Mortgage Corp.'s Arizona operation with help from the firm's owners in Southern California. As part of the agreement, the SoCal operation will continue, but under a different name. .
Fitch Affirms 1 Class from JP Morgan Alternative Loan Trust 2005-S1
The mortgage loans consist of fixed rate, fully amortizing, and first lien residential mortgage loans. The mortgage loans were originated or acquired by J.P. Morgan Chase Bank, National Association, PHH Mortgage Corporation, GreenPoint Mortgage Funding, Inc., and SunTrust Mortgage, Inc. J.P. Morgan Acceptance Corporation I, a special purpose corporation, deposited the loans in the trust which issued the certificates. The affirmations reflect adequate relationships of credit enhancement (CE) to future loss expectations and affect approximately $931 million of outstanding certificates. As of the March 2007 remittance period, the trust is seasoned 15 months and has a pool factor (as a percentage of the original balance) of 79%. The mortgage loans are being serviced by JPMorgan Chase Bank, National Association (rated 'RPS1' by Fitch), PHH Mortgage Corporation (rated 'RPS1' by Fitch) and SunTrust Mortgage, Inc.
German Merger `Squeeze-Outs' Attract Sal. Oppenheim, Axxion
March 14 (Bloomberg) -- Bayer AG and UniCredit SpA are trying to squeeze out the remaining shareholders of German companies that they've acquired. German law lets the shareholders squeeze back, and make money in the process. As the number of buyouts grows in Germany, the opportunities are increasing. Typically, money managers such as Sal. Oppenheim, Germany's biggest family-owned bank, and Luxembourg-based Axxion SA buy shares of companies that have agreed to be taken over. The goal is to force the acquirers, under legal pressure, to pay a premium for the minority stake needed to complete the transaction. ``The German situation is unique,'' said Nikolaos Paschos, a partner at law firm Linklaters in Cologne. ``In no other country do you get an extra premium quasi-automatically.'' Minority holders who challenged a squeeze-out price in the past two years and then settled the case out of court reaped on average a 26 percent premium above the price accepted by the majority, according to a Frankfurt-based broker, Solventis Wertpapierhandelsbank GmbH.
|
