Irwin Sells Servicing to GTS

Washington-Irwin Financial, which recently posted heavy losses on mortgage and home-equity lending, has sold $900 million in second-lien servicing rights to Green Tree Servicing LLC, St. Paul, Minn., for an undisclosed sum.

Green Tree also will subservice between $600 million and $700 million of home mortgages for Indianapolis-based Irwin.

The sale in question was brokered by Milestone Merchant Advisors, Miami. The second liens had been securitized through Irwin Home Equity.

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