Posted June 24, 2021
A sector of the mortgage market that became a boogeyman during the Great Recession is seeing renewed interest from Wall Street.
JPMorgan Chase is the latest company to invest in “private label” mortgages — loans which are bought and sold without the backing of government lenders such as Fannie Mae or Freddie Mac, The Wall Street Journal reported.
The bank invested in Maxex, which connects buyers and sellers of mortgages that can then be sold to financial firms. The company provides an online clearinghouse where lenders can sell loans and investors can buy them.
Loans funded using Maxex’s platform have averaged about $1 billion per month this year, the Journal reported. JPMorgan, which had collaborated with Maxex previously, has traded around $4 billion on the platform.
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