General World News

Banc of California selling $2B in DSCR loans

Roughly eight months after acquiring PacWest Bancorp in a rescue deal, Banc of California is selling roughly $2 billion in business-purpose residential mortgage loans, according to Bloomberg.

PacWest had already sold the servicing on the debt service coverage ratio (DSCR) loans, which were originated by its subsidiary Civic Financial Services, before Pacwest was acquired by Banc of California in late 2023.

Bids were due on June 28 and Morgan Stanley led the bidding process, according to Bloomberg.

In July of 2023, Bloomberg reported that JPMorgan Chase pledged to buy nearly $2 billion worth of mortgages details ⇒

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