The Federal Deposit Insurance Corp. has chosen Milestone Merchant Partners to sell the $20 billion mortgage servicing portfolio that once belonged to AmTrust Bank of Cleveland, according to investment banking officials. At press time, both Milestone and FDIC had not returned telephone calls about the matter. It is unclear what will happen to AmTrust's servicing platform. "It's possible a buyer may just take the servicing rights but we don't know yet," said one source. AmTrust, a thrift, was taken over by the FDIC in early December with most of its assets sold to New York Community Bancorp. NYCB, however, did not want AmTrust's servicing division.
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