CHARLOTTE, N.C., Dec. 23, 2010 /PRNewswire/ -- RoundPoint Financial Group officially announced today that that it has purchased a 40 percent stake of a $603 million mortgage loan portfolio from the Federal Deposit Insurance Corporation ("FDIC") in conjunction with RBS Financial Products Inc.
The FDIC retains a 60 percent equity interest in what is a newly created venture that will acquire the pool of mortgages. RoundPoint Capital Group and RoundPoint Mortgage Servicing Corporation will oversee the management and servicing of all loans in the portfolio.
"Our participation in this transaction is another step in the execution of our strategy of being a fully integrated mortgage investment firm and demonstrates our commitment to the residential mortgage market," said Kevin Brungardt, CEO of RoundPoint Financial Group.
The transaction, which closed on November 30th, is one in a series of structured sales of residential loan pools offered by the FDIC and marks RoundPoint's second FDIC loan acquisition for 2010. In April, RoundPoint purchased a $491 million FDIC structured transaction.
"Our asset management and special servicing platforms were developed to address the needs of the current housing market and enable us to participate in FDIC structured loan sales," said Shaun Ahmad, President of RoundPoint Capital Group.
Founded in 2007, RoundPoint is a fully integrated mortgage investment firm that specializes in the acquisition, management, originations and servicing of mortgage loans.
ABOUT ROUNDPOINT FINANCIAL GROUP
Headquartered in Charlotte, North Carolina, RoundPoint Financial Group, Inc. is a fully integrated mortgage firm with three distinct subsidiaries focused on special servicing, asset management and originations. RoundPoint Mortgage Servicing Corporation is a national mortgage servicer approved by HUD, Freddie Mac and Fannie Mae. RoundPoint Capital Group, Inc. is an asset management firm specializing in residential mortgage loans and structured transactions. RoundPoint Mortgage Company originates mortgages across the country and has created special programs to assist financial institutions in refinancing their distressed assets.
For more information, please visit: www.roundpointfinancialgroup.com
SOURCE RoundPoint Financial Group