CWM Mortgage to Buy Countrywide Unit

Times Staff and Wire Reports

CWM Mortgage Holdings Inc. agreed to acquire the company that manages it from Countrywide Credit Industries Inc. for $75 million in stock. CWM Mortgage is a real estate investment trust that secures single-family residential properties and mortgage-backed securities with investments in mortgage loans. Countrywide, the largest independent mortgage originator in the U.S., manages CWM through its Countrywide Asset Management Corp. The transaction would give CWM Mortgage full control of its employees and management. The Pasadena-based companies now share many of the same top management executives and would continue to do so after the transaction, representatives said.

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