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FARRAGUT MORTGAGE ANNOUNCES AGREEMENT TO ACQUIRE UP TO $388 MILLION OF SERVICING FROM AGENT FOR TERM LENDERS OF COMMONWEALTH MORTGAGE

 FARRAGUT MORTGAGE ANNOUNCES AGREEMENT TO ACQUIRE UP TO $388 MILLION
 OF SERVICING FROM AGENT FOR TERM LENDERS OF COMMONWEALTH MORTGAGE
 MANSFIELD, Mass., Aug. 4 /PRNewswire/ -- Farragut Mortgage Co., Inc. (AMEX: FMS) announced today it has entered into an agreement to acquire up to $388 million of servicing from the agent for the term lenders of Commonwealth Mortgage Co. Inc.
 Once purchased, this servicing will increase Farragut Mortgage Co., Inc.'s overall portfolio to approximately $1.6 billion.
 Edward D. Lagarde, president and chief executive officer, in announcing this acquisition, stated, "This acquisition will allow the company to hire approximately 10-12 of Commonwealth's staff and will bring the company to its highest level of servicing portfolio in 10 years."
 Farragut Mortgage Co., Inc. is engaged in the residential mortgage banking business, which involves the origination, purchase, sale and servicing of one- to four-family mortgage loans.
 -0- 8/4/92
 /CONTACT: Edward D. Lagarde, president and CEO, Farragut Mortgage, 508-337-8605/
 (FMS) CO: Farragut Mortgage Co., Inc.; Commonwealth Mortgage Co. Inc. ST: Massachusetts IN: FIN SU:


CN -- NE015 -- 6738 08/04/92 14:33 EDT
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Publication:PR Newswire
Date:Aug 4, 1992
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