American Residential, a mortgage real estate investment trust, was originally scheduled to close the transaction at the end of May after due diligence. But the REIT decided to call off the deal, according to John M. Robbins, Jr., chief executive officer.
"American Residential has a strong cash and capital position and will continue to focus on developing a direct mortgage origination capability," he says. "The mortgage market, which is estimated to be some $1.5 trillion this year, offers considerable opportunities for niche players with significant mortgage expertise.''
Del Mar-based American Residential is already approved to do business with Fannie Mae and other large secondary market participants.
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