Atlanta-based NetBank has completed the sale of most of its mortgage servicing rights on conventional, agency-eligible loans for $119 million, less than the carrying value of the asset.The sale involved underlying mortgages totaling $8.5 billion in unpaid principal. IXIS Real Estate Capital bought the servicing rights on $8.2 billion of the total, though it has retained NetBank to subservice the loans. IXIS invests in mortgage servicing rights, though it does not perform servicing operations. Servicing rights on $230 million of Ginnie Mae loans were sold to an unnamed separate buyer, according to NetBank. NetBank said the sale will result in an after-tax loss of $19.3 million. The company also said it will post an after-tax loss of $8.7 million on the sale of Ginnie Mae mortgage-backed securities that it held as an on-balance-sheet hedge. The company can be found online at http://www.netbank.com.

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