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IXIS Bidding on NetBank Portfolio

IXIS/CDC Real Estate Capital here is said to be the leading bidder for NetBank's $15.4 billion servicing portfolio.

As Mortgage Servicing News went to press this month, the sale was pending and IXIS officials could not be reached for comment.

One advisor noted, "IXIS does not bid on every package. They're an opportunistic buyer. I heard they got this one."

The NetBank portfolio is one of two large servicing-only packages that are being shopped by brokerage firms. The broker of record on the NetBank portfolio is Countrywide Servicing Exchange, Pasadena, Calif.

In early May, the Columbia, S.C.-based NetBank made the decision to sell both its servicing platform and portfolio, using Phoenix Capital Inc., Denver, as its sales agent.

Recently though, NetBank switched brokers, opting instead to use Countrywide Servicing Exchange. A NetBank spokesman said, "We wanted to engage a bigger firm" to represent us. He would not discuss the sale with MSN.

The other large bulk portfolio being offered is Irwin Mortgage's $19.2 billion portfolio. Sources said Citigroup Mortgage, O'Fallon, Mo., has expressed interest in the Irwin portfolio, but officials at both companies declined comment.

One servicing broker said Irwin's portfolio might actually be sold in two pieces. "I heard that Citi got part of the portfolio," said one broker. In early August, Freedom Mortgage, Mount Laurel, N.J., bought Irwin's production network but not its servicing operation. Based in Fishers, Ind., IMC is owned by Irwin Financial Corp., a depository. (c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com

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