General Electric Co. and Capital One Financial Corp. have submitted bids for ING Group's U.S. online bank, according to combined press reports.
ING is believed to be one of the largest funders of jumbo mortgages in the Northeast.
The bank holds roughly $40.5 billion of mortgages and $19.9 billion of MBS, according to figures collected by the Federal Deposit Insurance Corp.
According to Bloomberg, the sale could garner $9 billion.
Capital One already has an established presence in mortgages through its 2008 purchase of Chevy Chase Bank, Bethesda, Md., a top 30 funder of residential loans. GE, on the other hand, was burned badly during the subprime crisis, buying WMC Mortgage of California at the top of the market and then liquidating it at a huge loss.
Early last decade, GE spun-off its mortgage insurance division, which is now housed under Genworth Financial.
