Banc of California selling $2B in DSCR loans

HousingWire07-09

Roughly eight months after acquiring PacWest Bancorp in a rescue deal, Banc of California is selling roughly $2 billion in business-purpose residential mortgage loans, according to Bloomberg. PacWest ...

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The bank entered into an agreement to buy $1.8 billion of single-family residential loans at a discount.PacWest had a similarbusiness model to First Republic Bank, which served wealthy clients by offering interest-only mortgages in which the borrower didn’t have to pay back any principal for the first 10 years of the loan.As with many other regional banks, PacWest had billions of dollars worth of unrealized losses in its bond ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","BK4504":"桥水持仓","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","BK4017":"黄金","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","DSCR":"Discovery Minerals Ltd.","BK4127":"投资银行业与经纪业","BANC":"BANC OF CALIFORNIA","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","BK4585":"ETF&股票定投概念","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","BK4534":"瑞士信贷持仓","BK4211":"区域性银行","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","LU0106831901.USD":"贝莱德世界金融基金A2","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","BK4588":"碎股","BK4581":"高盛持仓","LU0971096721.USD":"富达环球金融服务 A"},"translate_title":"加州银行出售20亿美元DSCR贷款","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DSCR":1,"BANC":1},"content_text":"Roughly eight months after acquiring PacWest Bancorp in a rescue deal, Banc of California is selling roughly $2 billion in business-purpose residential mortgage loans, according to Bloomberg.\nPacWest had already sold the servicing on the debt service coverage ratio (DSCR) loans, which were originated by its subsidiary Civic Financial Services, before Pacwest was acquired by Banc of California in late 2023. \nBids were due on June 28 and Morgan Stanley led the bidding process, according to Bloomberg. \nIn July of 2023, Bloomberg reported that JPMorgan Chase pledged to buy nearly $2 billion worth of mortgages to grease Banc of California‘s purchase of PacWest Bancorp. The bank entered into an agreement to buy $1.8 billion of single-family residential loans at a discount.\nMore recently, regional banks have been looking to shed assets ahead of the Basel III Endgame regulations. Private credit lenders, which do not fall under the proposed regulatory changes, are often the acquirers. \nPacWest had a similar business model to First Republic Bank, which served wealthy clients by offering interest-only mortgages in which the borrower didn’t have to pay back any principal for the first 10 years of the loan. As with many other regional banks, PacWest had billions of dollars worth of unrealized losses in its bond portfolio and uninsured deposits that were at risk of being pulled.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2450108691"}