Flagstar isn’t the only institution to win twice in this year’s banking crisis. Now JPMorgan Chase can join it in the two-win column.
The nation’s largest bank has agreed to buy $1.8 billion of single-family residential loans from Banc of California at a discount, sources with knowledge of the matter told Bloomberg and Reuters on Wednesday.
Banc of California, in a presentation Tuesday outlining its proposed acquisition of PacWest, said it had entered into a “contingent forward asset sale agreement” for its residential mortgage portfolio, but didn’t name the buyer.
