Applying Glue to Your Sphere of Influence

Applying Glue to Your Sphere of Influence

September 7, 2002

Chase Manhattan Mortgage Corporation to Acquire Advanta Corporationmortgagepress.comChase Manhattan Mortgage Corporation, Advanta Corporation, aquisition
Chase Manhattan Mortgage Corporation, a subsidiary of J.P.
Morgan Chase and Company, has signed a definitive agreement to
acquire the mortgage business of Advanta Corporation. The
acquisition includes a $15.8 billion mortgage loan servicing and
sub-servicing portfolio with more than 200,000 customers and other
net assets. Advanta also has an annual origination capability in
excess of $1 billion.
The proposed acquisition will supplement Chase's origination
activity in the non-prime mortgage business and enhance Chase's
position as a nationwide originator of non-prime mortgages. The
Advanta non-prime servicing portfolio is one of the largest in the
nation and includes Chase's non-prime portfolio, which Advanta has
been sub-servicing.
The acquisition is subject to approval of Advanta's shareholders
and certain regulatory filings and approvals. The transaction is
expected to close in the first quarter of 2001. Chase and Advanta
will work together to ensure a seamless transition for Advanta
customers.

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