A pool of residential loans originated by GMAC has been acquired at a huge discount.
The acquisition was made by SilverLeaf Financial, a news release today said.
The purchase included 321 single-family mortgages for $28 million. SilverLeaf said it made the acquisition for just under $5 million.
Some of the loans were performing, though the Salt Lake City-based firm expects to restructure the nonperforming notes.
SilverLeaf said it also acquired a $5 million note secured by a self-storage facility in Fort Meyers, Fla.