The Money Store is a U.S. residential mortgage lending brand owned by MLD Mortgage Inc., a
consumer finance
Personal finance is the financial management which an individual or a family unit performs to budget, save, and spend monetary resources over time, taking into account various financial risks and future life events.
When planning personal fi ...
company that is based in
Florham Park, New Jersey
Florham Park is a borough in Morris County, New Jersey, United States. As of the 2010 United States census, the borough's population was 11,696,
History
The origins of the company date back to 1967 when Alan Turtletaub operated mortgage lending firms in
New Jersey
New Jersey is a state in the Mid-Atlantic and Northeastern regions of the United States. It is bordered on the north and east by the state of New York; on the east, southeast, and south by the Atlantic Ocean; on the west by the Delaware ...
and
Pennsylvania
Pennsylvania (; ( Pennsylvania Dutch: )), officially the Commonwealth of Pennsylvania, is a state spanning the Mid-Atlantic, Northeastern, Appalachian, and Great Lakes regions of the United States. It borders Delaware to its southeast, ...
. In 1972, "The Money Store" name was trademarked for advertising purposes to promote the various firms. The company was based in Union, New Jersey. It specialized in home equity loans and also was a large
Small Business Administration
The United States Small Business Administration (SBA) is an independent agency of the United States government that provides support to entrepreneurs and small businesses. The mission of the Small Business Administration is "to maintain and stren ...
lender.
Baseball Hall of Famer
The National Baseball Hall of Fame and Museum is a history museum and hall of fame in Cooperstown, New York, operated by private interests. It serves as the central point of the history of baseball in the United States and displays baseball-re ...
Phil Rizzuto
Philip Francis Rizzuto (September 25, 1917 – August 13, 2007), nicknamed "The Scooter", was an American Major League Baseball shortstop. He spent his entire 13-year baseball career with the New York Yankees (1941–1956), and was elected to th ...
(with his "holy cow" ads) was a longtime advertising pitchman for the company. He was then followed by
Jim Palmer
James Alvin Palmer (born October 15, 1945) is an American former professional baseball pitcher who played 19 years in Major League Baseball (MLB) for the Baltimore Orioles (1965–1967, 1969–1984). Palmer was the winningest MLB pitcher in the ...
, another Hall of Famer. archived copy
Alan was succeeded as president by his son,
Marc Turtletaub
Marc Jay Turtletaub (born January 30, 1946) is an American film producer and former president and CEO of The Money Store.
Early life and education
Born in Lakewood, New Jersey, he grew up in Perth Amboy, New JerseyOrtner, Sherry, B''Not Hollyw ...
. In 1991, the company went public, and in 1997 was listed on the
New York Stock Exchange
The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed c ...
. After a major revamping and consolidation effort, most of its corporate employees transferred to the newly built headquarters at The Ziggurat building in
West Sacramento, California
West Sacramento (also known as West Sac) is a city in Yolo County, California, United States. The city is separated from Sacramento by the Sacramento River, which also separates Sacramento and Yolo counties. It is a fast-growing community; the p ...
between 1996 and 1997.
The company was sold to
First Union
First Union Corporation was a bank holding company that provided commercial and retail banking services in eleven states in the eastern U.S. First Union also provided various other financial services, including mortgage banking, credit card, inv ...
Corp. of Charlotte, N.C., for $2.1 billion in June 1998. First Union, preparing for the Wachovia merger, split The Money Store into four divisions, transferred First Union's bad home equity loans into The Money Store's
home equity
Home equity is the market value of a homeowner's unencumbered interest in their real property, that is, the difference between the home's fair market value and the outstanding balance of all liens on the property. The property's equity increases ...
division, and two years later took a loss provision of $1.7 billion to shut down the business. However, the student loan division, Educaid, and the SBA loan division were retained by First Union.
In 2006, Wachovia (formerly First Union) sold The Money Store name to MLD Mortgage, Inc. There's no direct connection to the old West Sacramento-based company, but a veteran executive of the old company operates it. Morton Dear, chief financial officer of original The Money Store, is the founder and chairman of the new incarnation.
Notable people
*
Marcus Gaither
Marcus Gaither (April 26, 1961 – July 16, 2020) was an American-French professional basketball player, who played the guard position. In 1989–90 Gaither led the Israel Basketball Premier League in scoring. He then played in France for 11 year ...
(1961–2020), American-French basketball player
* Jim Palmer (born 1945), spokesman for The Money Store, 1992–1995, and Baseball Hall of Fame pitcher for the
Baltimore Orioles
The Baltimore Orioles are an American professional baseball team based in Baltimore. The Orioles compete in Major League Baseball (MLB) as a member club of the American League (AL) American League East, East division. As one of the American L ...
* Phil Rizzuto (1917-2007), spokesman for The Money Store and
Hall of Fame
A hall, wall, or walk of fame is a list of individuals, achievements, or other entities, usually chosen by a group of electors, to mark their excellence or Wiktionary:fame, fame in their field. In some cases, these halls of fame consist of actu ...
shortstop for the
New York Yankees
The New York Yankees are an American professional baseball team based in the Boroughs of New York City, New York City borough of the Bronx. The Yankees compete in Major League Baseball (MLB) as a member club of the American League (AL) Amer ...
* Alan Turtletaub (1913–2005), founder of The Money Store
* Marc Turtletaub (born 1946), former CEO of The Money Store and film producer