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Article: AmRes completes second phase of RTC purchase. (American Residential Mortgage Corp.'s purchase of loan-servicing contracts from the Resolution Trust Corp.)(Special Report: Finance)
- Article from:
- San Diego Business Journal
- Article date:
- December 9, 1991
- Author:
CopyrightCOPYRIGHT 1991 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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American Residential Mortgage Corp. has completed the purchase of $500 million in loan-servicing contracts from the federal agency in charge of liquidating failed savings and loans.
Last week's closing marked the second phase of La Jolla-based AmRes' purchase of servicing contracts for $3.6 billion in loans from the Resolution Trust Corp., the S&L liquidator.
The deal was signed in April.
The first phase, which transferred $1 billion in RTC loan-servicing contracts to AmRes, closed in May.
AmRes expects to complete the purchase of another $800 million in RTC-owned servicing contracts by the end of the month, according to a company statement, ...