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Card Giant Buys NFB, Parent of GreenPoint.(acquistions)
Washington -- Credit card behemoth Capital One has agreed to purchase North Fork Bancorp, Melville, N.Y., the parent of alt-A giant servicing giant GreenPoint Mortgage.
Announced just as Mortgage Servicing News went to press, the McLean, Va.-based Capital One will pay $14.6 billion in cash and stock for NFB.
Nationwide, GreenPoint ranks 22nd with $50.1 billion in housing receivables, but among alt-A firms ranks fifth with $14.3 billion, according to figures compiled by MSN and the Alternative Products Quarterly Data Report.
Last year, Capital One, known primarily as a credit card company, purchased Hibernia Bank, New Orleans, one of the largest mortgage lenders in Louisiana.
A seller of bulk servicing, Hibernia services just $2.2 billion in mortgage loans for others. The bank's mortgage portfolio has been decimated by rising delinquencies caused by hurricanes Katrina and Rita.
The acquisition of NFB - a top-ranked lender/servicer of multifamily product, particularly in the New York area - will catapult Capital One into the top 10 of banking.
"North Fork is a great strategic fit with Capital One and brings balance and diversification to our company," said company chairman and CEO Richard D. Fairbank.
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