MERGER TO MAKE MORTGAGE FIRM LARGEST IN U.S.Byline: Deborah Deborah (dĕb`ōrə), in the Bible, prophetess and judge of Israel, the only woman to hold that office. Under her guidance Barak conquered Sisera and delivered Israel from the oppression of the Canaanite King Jabin. Adamson “Adamson” redirects here. For other uses, see Adamson (disambiguation).
The Adamson was an English car manufactured in Enfield, Middlesex, from 1912 to 1925. Daily News Staff Writer CB Commercial Real Estate Group Inc. in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , the nation's largest commercial real estate services firm, said Thursday it is acquiring a Houston-based mortgage banking company - creating the largest, privately held mortgage banking operation in the industry. CB Commercial bought L.J. Melody melody, succession of single tones of varying pitch. Melody is the linear aspect of music, in contrast to harmony, the chordal aspect, which results from the simultaneous sounding of tones. & Co. for an undisclosed amount. Few or no layoffs are expected, officials said. Melody will be merged into CB Commercial's mortgage banking operations, to be based in Houston. CB also has a real estate brokerage arm and other services. The combination creates 18 mortgage banking offices nationwide, servicing $8 billion in loans. The acquisition is expected to close next month. ``The goal is to increase our size and presence in the national mortgage market,'' said Jim Didion, chairman and chief executive of CB Commercial. ``It will make us very competitive because of our size, national coverage, expertise and lender relationships.'' The firm will be called L.J. Melody & Co., a CB Commercial Company. Melody's founder, Lawrence Melody, will be president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Didion will be chairman. ``I've known Larry Melody for 25 years,'' Didion said. ``He's probably one of the best people in the business, without any doubt.'' In the overall commercial mortgage market, CB Commercial has the 12th largest operation, while Melody is the 14th largest, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Mortgage Bankers Mortgage Banker A company, individual or institution that originates, sells and services mortgage loans. Notes: Don't confuse a mortgage banker with a mortgage broker. Association in Washington. Among the privately held property services firms, CB Commercial is the largest and Melody is second largest. By joining forces, both firms have access to greater capital and other resources in a highly competitive industry, said John Ferber senior vice president of the trade group. ``They will be a force to be reckoned with,'' he said. The merger ``reinforces their commitment to mortgage banking and makes them even more competitive.'' Founded in 1906, CB Commercial has 4,000 employees in 89 offices in the U.S., Canada and Mexico. Annual revenues are $470 million. The company was formerly known as Coldwell Banker Commercial Group, a unit of Sears, Roebuck & Co. In 1989, it was bought by a group of investors and employees for about $320 million. The name was changed to CB Commercial. Sears initially kept the rights to the name Coldwell Banker as well as the residential real estate portion of the business, but later sold it to the Fremont Group Fremont Group is a private equity group based in San Francisco, California, USA. It was formerly known as Bechtel Investments, reflecting its ownership by the Bechtel family. . Today, Coldwell Banker Residential Real Estate is owned by Hospitality Franchise Systems Inc. in Parsippany, N.J., the parent of Century 21. Coldwell Banker has no affiliation with CB Commercial. |
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