Lone Star Unit Reportedly Buying Bear Stearns Mortgage Co.

May 30, 2008, 1:00 a.m. EDT 1 Min Read

Bear Stearns Residential Mortgage Corp. is being acquired by an affiliate of private equity firm Lone Star Funds, according to HousingWire, which reports it obtained an internal memo Friday.

HousingWire reported LSF5 Mortgage Operations LLC acquired Bear Stearns' wholesale and correspondent lending operation, known as Bear Res.

Lone Star "acquired certain operating assets and rights to certain operating assets of Bear Stearns Residential Mortgage Corporation," according to Lone Star spokesman Ed Trissel, who confirmed the contents of the memo to HousingWire.

When contacted by Dow Jones Newswires Friday, a representative of Bear Res directed inquiries to Lone Star's Trissel.

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