Struggling Gleacher Plans Sale Of Mortgage-Lending Unit

Law360, New York (November 8, 2012, 3:10 PM EST) -- Flagging New York investment firm Gleacher & Co. on Thursday said it is eyeing the sale of its mortgage-lending unit, two months after it put itself on the market in the wake of two years of lackluster earnings and a substantial stock drop.

The boutique firm, founded by Wall Street stalwart Eric Gleacher, bought ClearPoint Funding Inc. early last year in a bid to more deeply penetrate the mortgage origination market and diversify its mortgage-related business. But Gleacher was unable to get ClearPoint required government approvals...
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