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The housing market may be slowing down, but that's not stopping Morgan Stanley(MS Quote) from expanding its mortgage lending business.
The big Wall Street said Wednesday it is buying mortgage banker Saxon Capital(SAX Quote) for $706 million, or $14.10 a share. The cash deal will add to Morgan Stanley's growing home loan business and enhance its ability to generate more mortgage-backed securities.
The transaction represents a 28% premium to Saxon's Tuesday close of $10.97 a share. In premarket trading, shares of Saxon, which also reported Wednesday that second quarter profits rose 23%, were up $2.93 to $13.90. ...
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