Merrill Lynch & Co. To Close Down First Franklin
It comes with little surprise that Merrill Lynch will close down First Franklin. Merrill Lynch has declined to comment, Reuters and ML-Implode both are posting articles on this. All sources are citing a CNBC report that First Franklin will shut down.
Merrill Lynch bought First Franklin in December 2006, just before the sub-prime market started to collapse. First Franklin has been limping along for a while now with limited products and even smaller volume.
According to this artile on TheStreet.com, Merrill is stating they do not comment on market rumors.
This report coming on the heels of yesterdays CNBC report of a downgrade on some 2006 originations by First Franklin.
