Chase/Advanta Slug it Out in Court Fight Over Purchase
October 6, 2004
Subprime heavyweight Chase has gone to court to try to get credit card issuer Advanta to pay up for predatory lending claims that the bank says are Advanta’s responsibility The case is the latest example of a subprime industry marriage that hasn’t gone quite as smoothly as planned. Chase purchased the mortgage business of Advanta in 2001, in part because of its interest in the company’s sizable subservicing operation. …