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Vanderbilt Mortgage Buys $4B MH Portfolio.(Vanderbilt Mortgage and Finance Inc.)(Brief Article)

Mortgage Servicing News

| April 01, 2005 | COPYRIGHT 2005 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Knoxville, TN -- Vanderbilt Mortgage and Finance Inc. here has agreed to purchase the $4 billion manufactured housing loan portfolio owned by J.P. Morgan Chase & Co., New York. Terms of the deal were not disclosed

A spokesman for J.P. Morgan Chase noted the bank stopped originating manufactured housing loans in May.

It now had to decide whether to let the portfolio run off or sell it and the company decided to sell. "It was a tactical decision about what to do about the remaining portfolio," ...

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Source: HighBeam Research, Vanderbilt Mortgage Buys $4B MH Portfolio.(Vanderbilt Mortgage and...

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