EMC Mortgage Corporation is now a part of JPMorgan Chase, one of the largest financial services companies in the United States. Founded in 1990 by Bear Stearns, EMC used to serve as a residential mortgage banking company, with headquarters at Lewisville and other locations in Irving, both in Texas.
What happened to Bear Stearns?
The Bear Stearns Companies, Inc. was a financial services company, offering services in investment banking, securities and brokerage. One of the key areas of activities was securitization of mortgages, which led the company to establish EMC Mortgage Servicing in 1990 as a channel to create mortgage-backed assets.
The subprime mortgage crisis found Bear Stearns off guard as it was heavily involved in subprime lending and purchase of sub-performing and non-performing loans. The global financial crisis ultimately caused the company to collapse; even the assistance from the Federal Reserve Bank of New York could not help it recover. JPMorgan Chase took over Bear Stearns and all its subsidiaries in 2008.
Does Bear Stearns or its subsidiaries still exist?
After the acquisition, JPMorgan Chase continued using the name of Bear Stearns for some time. From the beginning of 2010, JPMorgan stopped using the name of Bear Stearns, rebranding all its assets to bear the Chase logo. The Bear Stearns building at 383 Madison Avenue, for example, is now being used to house certain business divisions of JPMorgan Chase.
Is there a phone number to contact EMC Mortgage Corporation?
Former clients of EMC will need to contact JPMorgan Chase for payment or other servicing issues. A borrower can login to Chase Online for online payment and sending secure email to their servicer. To contact Chase Bank customer service by phone, you can dial 1-800-848-9136.