EverBank Joins JPMorgan as Mortgage-Bond Issuer Revival Doubles
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EverBank Financial Corp. and JPMorgan Chase & Co. are planning to sell securities backed by $924 million of new U.S. home loans without government backing in deals that would double the number of issuers in the so-called non-agency market since the debt caused a global crisis.
EverBank, whose home-loan unit is run by Tom Wind, the former head of residential lending at Lehman Brothers Holdings Inc., is issuing bonds backed by $308 million of loans, Fitch Ratings said in a report. JPMorgan, the largest U.S. bank, is planning a $616 million transaction, the credit grader said.