RoundPoint Financial Group has purchased a 40% stake in a $603 million mortgage loan portfolio from the Federal Deposit Insurance Corp. (FDIC) in conjunction with RBS Financial Products Inc.
The FDIC retains a 60% equity interest in what is a newly created venture that will acquire the pool of mortgages. RoundPoint Capital Group and RoundPoint Mortgage Servicing Corp. will oversee the management and servicing of all loans in the portfolio.
The transaction, which closed Nov. 30, is RoundPoint's second FDIC loan acquisition this year. In April, RoundPoint purchased a $491 million FDIC structured transaction.
‘Our asset management and special servicing platforms were developed to address the needs of the current housing market and enable us to participate in FDIC structured loan sales,’ said Shaun Ahmad, president of RoundPoint Capital Group, in a statement.
SOURCE: RoundPoint Financial Group