Financial Services Industry
Industry: Email Alert RSS FeedWAMU'S BIG APPETITE
US Banker, May, 2001
Who's next? The number of mortgage servicers is dwindling. Concentration is the word. Last year Countrywide Home Loans chief Angelo Mozilo predicted that within five years there would be just five major residential servicers left in the U.S.
Many thought Mozilo's prediction was a bit dire, including Lewis Ranieri, chairman of Bank United, a man who helped invent the mortgage-backed security in the early 1980s. (Ranieri predicted there would be 10 to 15 left in five years.) Another "five-in-five" theorist was Kerry Killinger, chairman of Washington Mutual, who made a similar statement not too soon after Mozilo. Mozilo doesn't seem so crazy after all.
Ranieri has since sold his Texas thrift, Bank United, to Killinger's WaMu, and in early April WaMu inked a deal to buy...
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