Inside Take: Arch Bay Dumps NPLs

Inside Take: Arch Bay Dumps NPLs, Servicing Rule Coming

January 16, 2013

Arch Bay Dumps Nonperforming Portfolio, Launches Lending Unit

By Paul Muolo / pmuolo@imfpubs.com
Arch Bay Capital, once one of the most active buyers of nonperforming residential loans, has sold most of its NPL portfolio and launched a company that will originate non-agency mortgages, according to industry officials who have been briefed on its plans.
Secondary market sources who work in the NPL space say that the Irvine, CA-based Arch Bay sold roughly 4,000 non- and subperforming mortgages a few weeks back. The buyer’s identity is not known. Arch Bay officials could not be reached for comment.
Over the past few years, Arch Bay has invested at least $1 billion in NPLs, purchasing troubled mortgages from such lenders as Wells Fargo. The firm is owned by York Capital Management, a private investment firm.
About 18 months ago, Arch Bay tried to launch an origination division and even hired several workers, but then pulled the plug on the idea, without explanation. It also tossed its senior management team at about the same time.

WELL WE KNOW IT WAS ROOSEVELT MORTGAGE THAT BOUGHT THESE JUNK LOANS.. HOWEVER , ARCHBAY CLAIMING TO OWN THESE LOANS IS FRAUD, YORK CAPITAL OWNS IT, SO ITS YORK WHO HAD TO FORECLOSE ON THESE NOTES NOT ARCHBAY. IF ARCHBAY WAS FORECLOSING ON YOUR LOAN , IT WAS FRAUD. YORK HID ITSELF , AND DID NOT EVEN SIGN THE LAND TITLES. BEING THE OWNER OF THE COMPANY AND MORTGAGES THEY MUST BE THE ONES TO SIGN LAND TITLES.


Roosevelt Management acquired it USBank National Association Trustee for RMAC TRUST SERIES 1-T