![]() “This deal is the next step in the vertical integration of our dynamic mortgage franchise by providing us with a significant stake in the subprime market. EMC Mortgage Corporation is now a part of JPMorgan Chase, one of the largest financial services companies in the United States. “We are extremely excited to be welcoming nearly 660 people from Encore Credit to Bear Stearns,â€? said Jeff Verschleiser, co-head of mortgage trading for Bear Stearns. The deal marks the latest in a series of recent subprime loan platforms that have been acquired by Wall Street firms, including Merrill Lynch’s purchase of First Franklin from National City Corporation in early January for $1.3 billion. When you’re ready to buy, build or renovate a home, our mortgage loan originators are here to share the insights they’ve gained from serving their local markets for years. The average employee at EMC Mortgage Corp makes 50,293 per year. 13 of EMC Mortgage Corp employees are Black or African American. 23 of EMC Mortgage Corp employees are Hispanic or Latino. Encore Credit will retain its brand name and operate as a separate division of the firm’s mortgage bank subsidiary, Bear Stearns Residential Mortgage Corporation. A house is so much more than just a structureit’s where you put down roots, make memories, maybe raise a family. The federal mortgage task force that was formed in January by the Justice Department filed its first complaint against a big bank on Monday, citing a broad pattern of misconduct in the packaging. The most common ethnicity at EMC Mortgage Corp is White (51). Bear Stearns announced the agreement to purchase the principal assets of the subprime mortgage origination platform of ECC Capital’s subsidiary, Encore Credit Corp., in October 2006. said Monday that it had completed its purchase of ECC Capital Corporation’s subprime mortgage banking platform for approximately $26 million.
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