John Robbins, who five years ago sold his nonbank mortgage company to Wachovia Corp. at a nice profit, is trying to re-enter the industry, according to people familiar with his plans.
An adviser who knows Robbins said that he has private-equity backing and that he was negotiating a deal to acquire a midsize nondepository.
"The last I heard there was a letter of intent," the adviser said, requesting that his name not be used.
Robbins, who could not be reached for comment, has recruited some of the former executive team at American Mortgage Network, the San Diego company he sold to Wachovia in 2005. (Wachovia is now owned by Wells Fargo & Co.)
Robbins, who was chairman of the Mortgage Bankers Association from 2006 to 2007, has been looking at mortgage banking opportunities for well over a year, according to friends in the industry.
