General World News

JPMorgan to buy almost $2B of mortgages in the PacWest deal: reports

JPMorgan Chase will buy nearly $2 billion worth of mortgages to grease Banc of California‘s purchase of PacWest Bancorp, Bloomberg reported.

The bank entered into an agreement to buy $1.8 billion of single-family residential loans at a discount, according to the outlet. 

Banc of California and PacWest announced on Tuesday an all-stock merger with a $400 million equity raise from Warburg Pincus and Centerbridge Partners to create a bank with $36 billion in assets. 

Banc of California said Tuesday in a presentation that it entered into a “contingent forward asset sale agreement” for its residential mortgage portfolio in a presentation without naming details ⇒

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