They have access to wholesale loans where the consumer does not, and they are seldom advertised. Aegis Funding, Franklin Funding Corporation, Equifirst Corporation, Novelle Financial, Saxon Mortgage, Sunset Direct Lending, and many others. Largest mortage banker is Countrywide Financial Corporation. 10 originators, and therefore are not officially counted anywhere. The holding companies in this industry do not administer, oversee, and manage other establishments of the company or enterprise whose securities they hold. ORGANIZATION AND STRUCTURE Bank holding companies are essentially corporations whose assets are comprised of controlling shares of stock in one or more banks. The multibank corporations that make up the industry exercise varying degrees of control over the subsidiaries they own. MBHCs earn money by increasing the scope, diversity, and efficiency of banks and bank branches. Banks and their branches, in turn, earn money by paying interest at rates lower than that charged on loans. Banks also generate revenue from such services as asset management, investment sales, and mortgage loan maintenance. Because of regulatory constraints, banks not associated with holding companies must operate under restrictions that often put them at a disadvantage compared to other financial institutions. To overcome regulatory restraints, banks often use holding companies to circumvent legal restrictions and to raise capital by otherwise unavailable means. For instance, many banks can indirectly operate branches in other states by organizing their entity as a holding company. Banks are also able to enter and often effectively compete in related industries through holding company subsidiaries. In addition, holding companies are able to raise capital using methods that banks are restricted from practicing, such as issuing commercial paper. Another important advantage that MBHCs have over individual banks is economies of scale. Steagall Act, which led to the acceleration of commercial and investment bankings commingled existence. March 2001, but was catapulted into major economic worries by the terrorist attacks of September 11. March 2001 and August 2002. The economic turndown led to job layoffs, stock market degradation, and a slew of bad debts. Many of the banking industrys adventures into investment services were, in hindsight, ill advised. Margins were strong during 2002, with banks charging more for its loan services than the costs incurred to fund the loans. Citbank has about 1,700 office in 40 countries, with approximately 700 located in the United States. Bank of America was, as a result of the merger, situated in locations nationwide.

The company included 11,500 branches in almost all of the 50 states and in 40 countries.