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C-BASS Buys B&C Servicing Portfolio.(Credit-Based Asset Servicing and Securitization L.L.C.)(Brief Article)
C-BASS here has acquired $8 billion in subprime housing receivables and two servicing offices from PCFS Mortgage Resources, Cincinnati.
A spokesman for PCFS said C-BASS is expected to keep the unit's Atlanta platform, but plans to phase out the Cincinnati location. No purchase price was disclosed. At press time C-BASS could not be reached for comment.
PCFS is the subprime residential arm of Provident Bank, which was recently bought by National City Corp. C-BASS is best known in the industry as a master servicer and a "scratch and dent" servicer.
National City, which already owns a subprime company, has liquidated the retail and wholesale arms of PCFS. The bank will keep the PCFS warehouse division.
The $8 billion in servicing was the last remaining asset left at PCFS. At one point, Goldman Sachs & Co., was said to be looking at the PCFS platform but passed. (Goldman is about to launch a nonconforming conduit, and is using Countrywide Home Loans, Calabasas, ...
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Source: HighBeam Research, C-BASS Buys B&C Servicing Portfolio.(Credit-Based Asset Servicing...