Secondary Market/Investors
Sallie Mae To Lose $95M on Mortgage, Real Estate Sale
By
AUSTIN KILGORE
October 29, 2009 1:38 PM CST
Student loan giant SLM Corp. (SLM: 10.89 -0.64%) will recognize a loss of as much as $95m on the sale of mortgages and real estate-related assets this quarter, according to a Securities and Exchange Commission (SEC) filing.
The Reston, Va.-based lender is commonly known as Sallie Mae. In the filing, the company said the fourth-quarter loss comes from the sale of “substantially all” mortgage-loan and real-estate assets of SLM’s GRP Loan LLC and GRP Strategies LLC units to Credit Suisse subsidiary DLJ Mortgage Capital.
Sallie Mae entered into an agreement to guarantee GRP’s post-closing obligations with respect to the sold assets.
DLJ paid $28.7m for the assets in the deal that closed on Monday, the filing said.
Write to Austin Kilgore.
Print This Article
recent stories by department
Origination/Lending
Secondary Market/Investors
Get your HW Fix
Join nearly 10,000 bold subscribers who already get our daily email delivered to their inbox -- it's free, and a great way to ensure you don't miss something.
Events
2009 Dec 09 -- 2009 Dec 10
RMBS: Assessing Value and Risk
This two-day course in New York City will equip market participants with the knowledge and skills to evaluate prime, Alt-A and subprime RMBS portfolios in order to assess their value and understand inherent risks. For more information, visit www.fitchratings.com.
2010 Jan 13 -- 2010 Jan 14
2010 Collection Technology Summit
The Collection Technology Summit is the first industry event to focus solely on collections and its associated technologies and continues to draw top executives from the nation's most prominent institutions. The Collection Technology Summit, where innovation happens. For more information, visit www.collectiontechnology.net
