Merrill Lynch sold its mortgage portfolio.
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In a deal valued at about $52 million, Glenfed Mortgage Corp., a subsidiary of Glendale Federal Savings & Loan, will take over Merrill Lynch’s $3.1-billion residential mortgage portfolio and its loan servicing facility based in La Jolla--nearly doubling Glenfed’s current $3.5-billion servicing portfolio. Earlier this week, Merrill Lynch said it would sell its real estate and home mortgage operations. Merrill Lynch said that the Glenfed acquisition is not related to the earlier announcement.
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