PE Firms To Lead Citigroup's New Home Rental Program

Law360, New York (August 8, 2012, 8:35 PM EDT) -- Citigroup Inc. on Wednesday tapped private equity firms Carrington Capital Management LLC and Oaktree Capital Management LLC to implement a new program designed to let troubled borrowers sign over the deeds to their homes and rent them back.

The bank sold $158 million in home loans it holds to a joint venture of Carrington and Oaktree, which both specialize in distressed real estate. The two firms will comb through loans, looking for borrowers who are struggling but have the means to make regular payments, and will...
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