Housing Lender Buys $2.6B In Bite-Sized Loans From Citi

Law360, New York (November 17, 2011, 12:16 PM EST) -- A CW Financial Services LLC unit has purchased servicing rights to a $2.6 billion pool of small, multifamily real estate loans from Citigroup Inc., with the financial giant continuing to sell noncore assets, the Boston-based lender said Thursday.

CW Financial unit CWCapital LLC said the portfolio contains about 2,200 Fannie Mae loans with an average unpaid principal balance of $1.2 million. It added that the acquisition increased the size of its loan servicing portfolio to about $16 billion.

“We are pleased to complete this transaction and...
To view the full article, register now.