Wells Hires Two GE Capital Execs for Manufactured Home Lending

M&A

Wells Fargo, Blackstone to Buy CRE Loans from GE Capital for $23B

Wells Fargo in San Francisco and a unit of Blackstone Group have agreed to buy commercial real estate loans held by GE Capital in transactions valued at $23 billion.

By Jacob Passy

April 10
Law and regulation

Lawmakers Push Bills to Reform Lending Rules for Manufactured Housing

Bipartisan legislation introduced in the Senate this week would make it easier for consumers to secure financing to purchase manufactured housing.

By Jacob Passy

March 13
PH

Banks Fight Back in Foreign Bribery Probe; Problems at Bank of Oswego

Banks Fight Back in Foreign Bribery Probe; Problems at Bank of Oswego

By Andy Peters

April 30

Wells Fargo has hired two executives to expand its lending for manufactured housing, following the San Francisco company's purchase of a multibillion-dollar loan portfolio from GE Capital.

Wells Fargo hired both Lew Grace and Matt Krasinski from GE Capital Real Estate. Grace was previously head of manufactured home communities lending and investments. Krasinski was previously associate director for North America lending, responsible for originating loans that focused on manufactured homes and recreational vehicles.

In April, Wells Fargo agreed to acquire a $9 billion portfolio of performing first-mortgage commercial real estate loans from GE Capital, which includes some loans that are focused on manufactured-home communities.

Some lawmakers in Congress have introduced legislation to remove Dodd-Frank Act regulations that they say have made it more difficult for consumers to obtain loans for manufactured housing. Guidelines released by the Consumer Financial Protection Bureau in 2013 expanded the range of loans considered "high cost" to include mortgages for manufactured housing.

Andy Peters

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