Arch Bay Capital, an investor and manager of delinquent mortgages, appears to have scuttled — for now — its plans to enter the origination business, according to industry officials that have worked with the firm.
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At press time, company president Shawn Miller had not returned two telephone calls about the matter.
One vendor that has worked with Arch Bay said the company recently reassigned and even let go workers that were hired to work on originations.
Arch Bay, a hedge fund, is based in Irvine, Calif. A year ago it made news when it bought a $600 million portfolio of troubled subprime loans from Wells Fargo & Co.
Executives who play in the nonperforming loan space say Arch Bay continues to review and bid on NPL loan pools.
