JPMorgan to buy mortgages worth $1.8 billion as part of PacWest merger

JPMorgan plans to buy mortgages worth $1.8 billion as part of PacWest Bancorp's merger with the Banc of California,The Wall Street bank is set to buy the single-family residential loans at a discount, sources told the outlet. It's unclear whether it plans to hold onto the loans or sell them on. and its deposits of nearly $104 billion. to form a new bank. The new lender merger will have assets worth $36 billion and $30.5 billion in total deposits.

According to Bloomberg, PacWest and the Banc of California aim to sell about $7 billion of loans, mortgage bonds and other assets.

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