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Sallie Mae Gets Into Mortgages

RESTON, Va.-Sallie Mae, the dominant player in the student loan market, said it has acquired Pioneer Mortgage, a Novi, Mich., mortgage banker, signaling its expansion into the mortgage lending market. It is the second mortgage banking acquisition for Sallie, following December's deal for First Trust Financial, a mortgage bank with operations in Massachusetts, Rhode Island and New Hampshire.

Under the deal, Pioneer, which provides mortgage lending in Michigan and Arizona, will operate as a wholly owned subsidiary of SLM Corp., t

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