DEL MAR, Calif. American Residential Investment Trust Inc., a mortgage real estate investment trust, announced Thursday that it had terminated its negotiations to buy a controlling interest in LoanCity.com, a mortgage technology company in San Jose, Calif.
The deal, meant to help American Residential become a mortgage originator, was originally scheduled to close at the end of May, after due diligence. John M. Robbins, Jr., chief executive officer of American Residential, said in a release that American Residential has a strong cash and capital position and will continue to focus on developing a direct mortgage origination capability.
