In announcing a $104 million loss for the fourth quarter of 2008, Irwin Financial Corp. Chairman and CEO Will Miller has noted that the company has sold the mortgage servicing rights and certain assets related to securitized home equity loans to St. Paul, Minn.-based Green Tree Servicing LLC.
The deal removes about $690 million of home equity assets and related debt from Irwin's financial statements.
"We are diligently continuing down the path of our strategic restructuring," Miller says. "The significant progress we made recently better positions us to deliver core small business lending and community banking services."
SOURCE: Irwin Financial Corp.