Paul Muolo had a great column about the shake out in the mortgage space and basically, if you don't have capital, you're screw
National Mortgage News is reporting that Citigroup has signed an agreement to buy Argent. Roland Arnall is cashing out of the mortgage business.
That is what was reported yesterday in National Mortgage News. That represents around 4.4% of their 2006 production.
Evidently, this was Merrill Lynch that made this request in December.