New York Times (03/06/08)
Merrill Lynch has announced the closure of its First Franklin Financial unit and the loss of 650 jobs as a result. The firm decided to shutter the subprime lending unit due to market deterioration, but officials note that its Merrill Lynch Credit Corp. and international mortgage operations will continue to write prime mortgages. The closure will force the firm to take a $60 million charge. Additionally, Merrill put First Franklin's billing and collections unit, Home Loan Services, up for sale.
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