CHARLOTTE, N.C. - First Union Capital Markets Group, a unit of First Union Corp., has acquired a $2.3 billion master servicing portfolio from Bear Stearns Mortgage Capital Corp., a subsidiary of Bear Stearns Cos.

The acquisition more than doubles First Union's master servicing portfolio, to $4.2 billion. The Bear Stearns portfolio includes 10,659 residential mortgages from a variety of servicers nationwide. Terms were not disclosed.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.