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Fog Cutter Sells Credit For Wilshire Servicing

Fog Cutter Capital Group here has sold its Wilshire Credit Corp. prepaid loan servicing credit for $1.7 million in cash.

The loan servicing credit was originally acquired by Fog Cutter in 1998, when it was an affiliate of WCC.

The loan servicing credit may be used, subject to certain limitations, to pay for loan servicing portfolio activities performed by WCC.

As a result of the sale, Fog Cutter will recognize a gain in the amount of $1.5 million in the second quarter of 2004.

The business strategy of Fog Cutter Capital Group consists of developing, strengthening and expanding its restaurant and commercial real estate mortgage brokerage operations and continuing to identify and acquire real estate investments with favorable risk-adjusted returns.

The company's operating segments include real estate mortgage brokerage activities.

Copyright 2004 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com http://www.mortgageservicingnews.com

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