Wells Fargo Snaps Up $3B Anglo Irish Loan Portfolio

Law360, New York (November 2, 2011, 7:32 PM EDT) -- Wells Fargo & Co. has agreed to purchase 61 commercial real estate loans worth $3.3 billion from the Irish Bank Resolution Corp., formerly Anglo Irish Bank, as part of the defunct bank's state mandate to sell off its loans over the next decade, Wells Fargo announced Wednesday.

Wells Fargo closed about 25 of the U.S.-based loans — worth about $1.5 billion at face value — Oct. 25, and expects to acquire the rest in the fourth quarter of this year.

Neither party gave further details about...
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