Nonprofit Buys Chase Loans At Discount

Posted by Orb Staff on April 02, 2009 No Comments
Categories : Mortgage Servicing

Nonprofit housing group Housing & Neighborhood Development Services Inc. (HANDS) has purchased 47 defaulted mortgages from J.P. Morgan Chase & Co., according to a Wall Street Journal article.

The Orange, N.J.-based group paid approximately $2.3 million for the loans – a price that J.P. Morgan Chase spokesperson Thomas Kelly called a ‘big discount.’ The plan is for HANDS to acquire titles to the homes – either through foreclosure or negotiations with owners – rehabilitate them, and sell them to mostly low- to moderate-income buyers.

The 47 loans were acquired by J.P. Morgan Chase when it took on failed savings and loan Washington Mutual.

SOURCE: Wall Street Journal

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