MountainView Capital Holdings, Denver, said one of its investment funds was the winning bidder on a $282 million pool of residential loans auctioned off by the Federal Deposit Insurance Corp.
The single-family mortgages were culled from the balance sheets of 48 failed banks. As of late July roughly 35% of the portfolio (395 loans) was considered delinquent (60+ days past due).
Although the company's MountainView Public Private Investment I, LLC won the bid, the FDIC will retain a 60% interest in the portfolio.
The FDIC conducted the sale through a competitive bid held last month.
MountainView's partner on the deal was Statebridge Company, LLC, a Denver-based specialty servicer. Statebridge will service the loans.
“In conducting our due diligence, we were very impressed with the credit quality of the portfolio and the relative strength of the collateral,” said MountainView managing director James Sherrill.
