JPMorgan Chase

ECC, Bear Stearns Deal Nearing Completion 

ECC Capital Corporation said yesterday that it expects the closing of the sale of its mortgage banking business to Bear Stearns Residential Mortgage Corporation, an affiliate of Bear Stearns & Co., to occur on or about February 9, 2007. ECC Capital announced October 10, 2006 that it had agreed to sell its subprime wholesale banking division to Bear Stearns in a deal worth $26 million.