New Jersey

Franklin Credit’s Tribeca to Acquire New York Mortgage Co. Wholesale Platform 

Franklin Credit Management Corporation today announced that its wholly-owned origination subsidiary, Tribeca Lending, has entered into a definitive agreement with The New York Mortgage Company, LLC to acquire its wholesale mortgage origination operation, which includes offers of employment to approximately 60 sales and processing personnel located in Bridgewater, New Jersey. The sale of its wholesale platform will complete the disposition of most of New York Mortgage’s lending assets. The company had announced February 7 that it would sell its retail operations to IndyMac Bank for $13.4 million, citing “significant challenges” in the mortgage industry.