- JPMorgan (JPM -1.3%) agrees to pay more than $900M for a portfolio of personal loans made by LendingClub (LC +0.4%) and currently owned by Santander Consumer (SC -3.3%), reports the WSJ. The average credit scores of the consumers who took out the loans is about 700, and the portfolio sold for a premium to the unpaid balance.
- The sale and premium is notable given Santander Consumer (SC -3.3%) last week sent a shudder through the market after taking a writedown on some of its held-for-sale personal loan portfolio.
- Previously: Santander Consumer nears sale of $1B of consumer loans (Jan. 28)
- Previously: Santander Consumer plunges after Q4 results (Jan. 27)