Bear Stearns completes acquisition of ECC Capital sub-prime unitMortgagePress.comSub-prime lending
The Bear Stearns Companies Inc. has completed its purchase of
ECC Capital Corporation's sub-prime mortgage banking platform for
approximately $26 million.
Bear Stearns announced the agreement to purchase the principal
assets of the sub-prime mortgage origination platform of ECC
Capital Corporation's subsidiary, Encore Credit Corporation, in
October 2006. Encore Credit will retain its brand name and operate
as a separate division of the firm's mortgage bank subsidiary, Bear
Stearns Residential Mortgage Corporation.
The Bear Stearns Companies Inc. is a financial services firm
based in New York. For more information, call (212) 272-2000 or
ECC Capital Corporation is a mortgage real estate investment
trust based in Irvine, Calif. For more information, call (866)
338-8749 or visit www.ecccapital.com.