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C-BASS Picks Up PCFS Portfolio

Deal expected to close this year

October 15, 2004

By MortgageDaily.com staff

Following the decision to shut down a subprime business acquired through a merger, National City Corp. will now sell much of the unit's assets.

C-BASS announced it has entered into a definitive agreement to acquire a portfolio of assets from PCFS Mortgage Resources, an indirect subsidiary National City acquired through its merger with Provident Bank in July. Financial terms of the transaction were not disclosed.

C-BASS, which services and securitizes credit sensitive residential mortgages, said it expects to complete the acquisition before the end of 2004. The New York company's purchase includes residual interests from a pool of securitizations backed by loans with an approximately $900 million principal balance; third-party mortgage servicing rights on a portfolio of loans with a roughly $8 billion principal balance; and the PCFS servicing operation, accor