C-BASS Founders May Buy Pennsylvania Mortgage Firm

Published March 3, 2011 10:04 AM EST 1 Min Read

Credit–Based Asset Servicing and Securitization (C-BASS) founders Bruce Williams and Saul Sanders are talking to mortgage banker New Penn Financial in Plymouth Meeting, Pa., about buying the company, according to three sources familiar with the deal.

New Penn CEO Jerry Schiano declined to comment to National Mortgage News. Messrs. Williams and Sanders did not return a telephone call about the matter.

Last year New Penn funded about $800 million in home mortgages.

A few months back Williams and Sanders formed Shellpoint Holdings and Shellpoint Mortgage, with an eye toward entering the jumbo conduit space.

Schiano is the former CEO of Wilmington Finance. He formed New Penn about three years ago after buying two other lenders.

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