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Citigroup Sells Nonperformers to OneWest

Published November 11, 2010 11:33 AM EST 1 Min Read

Citigroup, an active seller of nonperforming residential loans, recently sold a $1.4 billion pool of multifamily and commercial mortgages to OneWest Bank, Pasadena, Calif., for an undisclosed sum.

Citigroup typically releases few details about its nonperforming loan 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 — 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.

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