LEADING THRIFTS THROUGH CHALLENGING TIMES
Richard T. Pratt is chairman of Merrill Lynch Mortgage Capital Inc (MLMCI)/Merrill Lynch Capital Markets (MLCM), New York. NLMCI is positioned to meet the rapidly-expanding need for mortgage-related products and associated investment banking services. Drawing on the resources of its Mortgage-Backed Securities Trading, Whole Loan Trading/Servicing, Financing and Research Groups, MLCM is a full-service, client-driven operation. It consistently ranks among the top three firms in banking and CMO underwritings. Before joining Merrill Lynch, Richard Pratt Served as chairman of the Federal Home Loan Bank Board from April 1981 to May 1983.
What can Wall Street, and Merrill Lynch, in particular, offer the thrift industry?
Well, it's very interesting to examine our own structure and the structure of the thrift industry. The fit is an incredibly good one. We see ourselves as an integral part of the thrift industry. For example, if we were servicing the needs of the automobile industry in the same way we work with thrifts, we would underwrite their debt and equity and act as a distribution arm for selling cars. With the thrift industry, we not only provide advice and service like raising capital; we also act as a major wholesale participant in the thrift product market.