As we all know, JPMorgan Chase is the (happy) winning bidder on $70 billion of mortgage servicing rights sold by MetLife, the insurance conglomerate that entered the mortgage business at its nadir, and then pulled a Sybil and decided to get the heck out. One of these days some enterprising young reporter should do a case study on what the heck went wrong at MetLife. Its mortgage business was expanding nicely, making money, and then poof. Meanwhile, JPM won’t say what it paid for MetLife’s MSRs but the rumor mill is suggesting that it’s in the range of 65 to 85 basis points.
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