C-BASS to Buy Several PCFS Assets

New York-based C-BASS has announced a definitive agreement to acquire a portfolio of assets from PCFS Mortgage Resources for an undisclosed amount.The company said the transaction includes: a portfolio of residual interests from securitizations backed by loans with a total principal balance of approximately $900 million; third-party mortgage servicing rights on a portfolio of loans with a total principal balance of approximately $8 billion; and the PCFS servicing operation. PCFS is a division of Provident Bank, which was acquired by National City Corp. in July 2004. C-BASS specializes in acquiring, servicing, and securitizing "credit-sensitive" residential mortgages. The company can be found online at http://www.c-bass.com.