Citigroup, an active seller of nonperforming residential loans, recently sold a $1.4 billion pool of multifamily and commercial mortgages to OneWest Bank FSB, Pasadena, Calif., for an undisclosed sum.
Citigroup typically releases few details about its NPL sales.
OneWest is owned by a private investor group that includes some of the top PE funds in the nation, including J.C. Flowers & Co., and Paulson & Co. Its backers also include MSD Capital, which invests money for PC magnate Michael Dell, and a fund controlled by George Soros.
OneWest — built on the remnants of IndyMac Bank FSB — has 82 branches in southern California and assets of $28 billion. IndyMac, once a top ranked alt-A lender and servicer with ties to Countrywide Financial, failed in 2008.
