Although Bay View Capital Corp. announced last week that it sold Franchise Mortgage Acceptance Corp.'s (FMAC) servicing unit to the subsidiary's current and former management, sources close to the situation are calling this a temporary solution, and anticipate another announcement sometime soon.

Specifically, these sources are expecting the entire unsecuritized portfolio and the new FMAC servicing unit to be placed with a well capitalized entity that could truly reap value from it. The unsecuritized portfolio is estimated to be between $500 million and $650 million in size.

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