The Capital Markets Cooperative (CMC) has announced a strategic partnership with WL Ross & Co. LLC, a private equity investment firm headed by Wilbur L. Ross. Private equity funds affiliated with WL Ross have agreed to make a strategic investment in CMC, and WL Ross intends to invest significant additional capital going forward, CMC says.
The CMC trading desk and cooperative services operations facilitate the sale of mortgages to the secondary mortgage market. WL Ross is the majority owner of American Home Mortgage Servicing Inc. (AHMSI), a servicer of mostly nonprime mortgages, and a minority investor in several domestic banks.
CMC, whose client base of banks and mortgage companies originates more than $25 billion in mortgages annually, says it will deploy the WL Ross investment to expand its platform.
SOURCE: Capital Markets Cooperative