Vanderbilt Mortgage Buys $4B MH Portfolio
Vanderbilt Mortgage and Finance Inc. here has agreed to purchase the $4 billion manufactured housing loan portfolio owned by J.P. Morgan Chase & Co., New York. Terms of the deal were not disclosed
A spokesman for J.P. Morgan Chase noted the bank stopped originating manufactured housing loans in May.
It now had to decide whether to let the portfolio run off or sell it and the company decided to sell. "It was a tactical decision about what to do about the remaining portfolio," he said.
The deal is expected to be completed by the end of 2004. Vanderbilt and 21st Century Mortgage Corp., Knoxville, will service the portfolio.
Vanderbilt and 21st Century Mortgage are both subsidiaries of Clayton Homes, Knoxville, which itself is owned by Berkshire Hathaway, Omaha, Neb.
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