BALTIMORE - CitiFinancial Credit Co., the consumer finance unit of Citigroup, said it has created a new subsidiary, CitiFinancial Mortgage Co.The unit will make nonconforming home loans, buying them from brokers and correspondents. It acquired most of the assets of IMC Mortgage Co., including a $7 billion portfolio of servicing rights, offices in New Jersey, Ohio, and Pennsylvania, and a loan servicing system.
Like IMC, CitiFinancial Mortgage will be based in Tampa. Harry Goff, who comes from CitiFinancial Credit, will be chief executive officer. Former IMC executives Tom Middleton, Stuart Marvin, and Timothy Griffin will be president, chief financial officer, and chief credit officer respectively.