Sallie Mae Expands MortgageBusiness
RESTON, Va. - (08/31/05) -- Sallie Mae said it continued itsexpansion outside its core student loan market and has agreed toacquire GRP Financial Services, a White Plains, N.Y., specialtycompany that purchases and resolves mortgage loans. The dealexpands Sallie Mae's capacity on debt collection, one of thelargest collections operations in the country. Under the deal, GRPwill become a wholly owned subsidiary of Sallie Mae. Terms of thedeal were not disclosed.