Citi Buys Bulk of Irwin Portfolio

Citigroup has acquired a majority of Irwin Mortgage's $19 billion residential servicing portfolio, investment banking sources have told MortgageWire.Citigroup bought about 60% of the receivables, with three other buyers acquiring pieces of the rest. Two of the smaller buyers have been identified as ABN Amro Mortgage, Ann Arbor, Mich., and MidFirst Bank, Oklahoma City. None of the buyers had responded to telephone calls as of MortgageWire's deadline. In a filing with the Securities and Exchange Commission, Irwin Financial Corp. of Indiana said the sale price on the receivables is $261 million, but that ultimately it will book an $11 million loss on the deal. IFC is the parent of Irwin Mortgage.