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Trouble Mortgage Acquirer Arch Bay Buys $600M Wells Portfolio
The Nation’s Mortgage News reported that Irvine, California-based Arch Bay Capital LLC bought $600 million in mostly non-performing subprime loans from Colorado’s largest bank, Wells Fargo & Co. According to the industry publication, the sale took place last week and the loans were sold for $210 million or 35 cents on the dollar, about double what most hedge funds were offering.
Most of the subprime loans that Well Fargo sold were originally made by San Diego’s Accredited Home Lenders Holding Co. and NovaStar Financial. The former filed for bankruptcy protection in May this year and the latter got out of subprime lending.
Arch Bay was being started in 2007 as part of Irvine-based mortgage investor Impac Mortgage Holdings Inc. to acquire of troubled mortgages.
July 15th, 2009 at 2:29 pm
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July 15th, 2009 at 2:52 pm
[...] The Nation’s Mortgage News reported that Irvine, California-based Arch Bay Capital LLC bought $600 million in mostly non-performing subprime loans from Colorado’s largest bank, Wells Fargo & Co. Read the original here: DataGrant Venture Capital News » Blog Archive » Trouble Mortgage … [...]
July 15th, 2009 at 3:01 pm
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July 15th, 2009 at 4:24 pm
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July 15th, 2009 at 4:56 pm
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July 30th, 2009 at 6:33 am
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March 28th, 2010 at 10:46 pm
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