Even before the deal closed on Friday, JP Morgan Chase had already spun off one unit of Bear Stearns--Bear Stearns Residential Mortgage Corporation, commonly known as Bear Res. On Friday the invaluable Housing Wire reported that said that an affiliate of Lone Star Funds had acquired the Bear Stearns' wholesale and correspondent lending operation. According to an internet memo the majority of employees of Bear Res will be offered jobs by Lone Star and its affiliates.

What JPMorgan Didn't Get: Lone Star Picks Up Bear Res [Housing Wire]