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Chase Has Been Buying B&C Bulk Deals.(Chase Home Finance)(Brief Article)
Iselin, NJ -- Chase Home Finance here has been a buyer of subprime "bulk" servicing packages but has been avoiding - for the most part - "A" paper bulk acquisitions, said company co-chief executive Tom Wind.
In an interview with Mortgage Servicing News, Mr. Wind noted that Chase has been buying "A" paper servicing on a "flow" basis and continues to review bulk deals.
He said that over the past six to seven months Chase has not made any significant purchases in the "A" paper bulk market. "The values are better in the flow market," he said. "The bulk deals don't meet our parameters."
Chase also has been a buyer of subprime flow deals. Mr. Wind declined to quantify how much subprime bulk product his company has been buying but said, "It's significant. It's in the billions."
According to figures compiled by Mortgage Servicing News and its affiliate the Quarterly Data Report, Chase is the nation's fifth-largest subprime residential servicer.
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