Springleaf Holdings has sold $1 billion in securitized real estate loans as part of a previously announced mortgage liquidation plan.
The company sold $1 billion in performing and nonperforming mortgage loans to Credit Suisse Securities USA. The transaction follows the sale of approximately $1.5 billion in securitized real estate loans in June, the company said in a press release, and completes a previously announced agreement to sell approximately $1.7 billion in whole loans to Credit Suisse.
Between June 30 and Sept. 30, the company said it closed on the sale of an additional $6 billion in securitized real estate loans, reducing its portfolio to less than $1.5 billion, down from approximately $9 billion at Dec. 31, 2013.
The company said it expects to complete additional sales during the fourth quarter of 2014. Its goal, according to the release, is "to achieve the target of holding approximately $1 billion or less in real estate loans by Dec. 31, 2014."
Following the sale of the mortgage servicing rights "for certain securitized loans" to a subsidiary of Nationstar Mortgage Holdings in August, Springleaf said, by Oct. 1 it had completed the sale of its real estate servicing operation. Currently Springleaf's remaining first-lien real estate portfolio is being serviced by Nationstar and a third-party subservicer.
