ECC Capital Corporation

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Bear Stearns Completes Acquisition of ECC Capital

Feb 12, 2007By

The Bear Stearns Companies Inc. said Monday that it had completed its purchase of ECC Capital Corporation’s subprime mortgage banking platform for approximately $26 million. 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. 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.

3d rendering of a row of luxury townhouses along a street

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