LoanStar Trustee Services, a segment of First American National Default Title Services, changed its name to Trustee Servicing Solutions.

The move comes as the company transitions certain functions away from its Dallas office to a new office in Southern California, the company announced Monday.

The National Default Title Services division is part of the First American Title Insurance Company, the largest subsidiary in the First American Financial Corp. (FAF: 14.98 +0.07%).

“The name Trustee Servicing Solutions more accurately reflects the broader range of products and services we offer to our customers," said Wes Mee, president of First American National Default Title Services, in a press statement.

"The name change is also reflective of our commitment to provide our business partners with a variety of solutions for their foreclosure processing needs," Mee added.

Performing functions in two locations will provide a higher degree of flexibility in meeting client needs in a multi-state environment, the company said. Those services include foreclosure trustee services and managing non-judicial foreclosure cases in Arizona, California, Nevada, Oregon, Texas and Washington.

The company said it follows government-sponsored enterprise (GSE) guidelines in performing foreclosures. Other services include direct source entry and review, foreclosure processing, loss mitigation solicitation, and title exam and curative resolution.

Write to Austin Kilgore.

The author held no relevant investments.

After purchasing 700 multifamily units in Q210, investment firm G8 Capital plans to invest another $100m in real estate this year, with $80m spent purchasing REO.

Since 2007, G8 Capital has bought more than 2,000 REO properties and whole loans from major banks and servicers in the US. The firm said it is on track to invest more than $100m in 2010, buying residential and multifamily properties, condo developments, mobile home parks and senior living facilities.

Evan Gentry, president and CEO of G8 Capital, told REO Insider the REO acquisitions would come through a combination of bulk, single-family properties or more individual multifamily purchases.

“Our approach to the REO properties we acquire varies based on the location, asset type and seller,” Gentry said.

The firm, based in California, then sets out to renovate and resell the properties to retail buyers, reselling smaller bulk portfolios to local investors, and even holding onto some for longer-term rentals, Gentry said. He added that the firm will hold the multifamily properties for longer-term investment.

The firm acquired three multi-family apartment complexes in the Dallas-Fort Worth area in Q210. It closed two of those deals in one week. G8 Capital said it would continue to target opportunities in the Sun Belt states and Texas, which, according to G8 is “the strongest economic climate in the country.” According to Foreclosure Listing Services (FLS), which measures foreclosure filings in the Dallas-Fort Worth area, filings are down 17% for the county foreclosure auctions scheduled for August.

G8 Capital plans to renovate and improve the assets, change property management strategies, and stabilize the properties to qualify for long-term debt.

“We are successfully negotiating deals in real estate markets throughout the country from the West Coast to Florida, and we look forward to pursuing future acquisitions in the Texas real estate market which offers long-term sustainability and growth,” Gentry said.

Write to Jon Prior.

The Federal Deposit Insurance Corp. (FDIC) sold a 40% equity interest in $898m of non-performing residential mortgages originated by failed AmTrust Bank.

As receiver of the failed bank that originated the loans, the FDIC will convey the mortgages — 96% of which are delinquent — into a limited liability company (LLC) created to hold the assets, according to a press release.

Residential Credit Solutions (RCS), CarVal Investors and RBS Financial Products formed the three-party consortium that bought the structured transaction for 37% of the unpaid principal balance of the pool. Of the collateral securing the loans in the portfolio, 37% are located in Florida, 11% are in California and an additional 5% are located in each of Arizona, Nevada and Massachusetts.

The RCS-led consortium submitted the winner of five competing bids the FDIC received on either a 40% leveraged ownership interest or a 40% unleveraged ownership interest in the newly-formed LLC. The FDIC retains a 60% stake in the LLC and shares in the assets' returns. The FDIC offered 1:1 leverage financing and agreed to guaranty purchase money notes issued by the LLC in the original principal amount of $169.5m.

As the managing member of the consortium, RCS will manage, service and ultimately see to the disposition of the loans. RCS will pursue appropriate workout solutions including the Home Affordable Modification Program (HAMP) on eligible loans within the portfolio, the FDIC said.

AmTrust failed and was taken over by regulators on Dec. 4, 2009. The FDIC, as receiver, entered into a purchase and assumption agreement with Westbury, New York-based New York Community Bank, which assumed all $8bn of AmTrust's deposits and $9bn of the its $12bn in assets.

"This transaction completes the sale of the majority of the remaining assets of AmTrust Bank," the FDIC said today.

The FDIC in early January confirmed plans to sell sell rights to a mortgage-servicing portfolio of nearly 100,000 AmTrust loans by Q210. The FDIC soon hired Milestone Merchant Partners to handle the sale of a $20bn mortgage servicing portfolio from the failed bank.

Write to Diana Golobay.