MountainView, Statebridge win bid on FDIC mortgage pool

MountainView Capital Holdings, in conjunction with special servicer Statebridge Co., submitted the winning bid for 1,453 single-family residential mortgages owned by the Federal Deposit Insurance Corp. The acquisition, which closed Thursday, places a portfolio of mortgages from 48 failed banks under the umbrella of MountainView Public Private Investment LLC. The mortgages have an unpaid principal balance of about $282 million, with the FDIC expected to retain a 60% interest in the portfolio. Denver-based Statebridge Co. is servicing the loans, while the firm’s Geneva House investment vehicle is a co-investor. Kevin Kanouff, president of Statebridge, said the deal is Geneva House’s largest investment to date. “If you have a servicer partner, you have the ability to bid up a little bit,” he said in an interview with HousingWire. “That combined with their ability to do in-depth due diligence on the loans gave them a lot of confidence in their bid.” MountainView Managing Director James Sherrill said after conducting due diligence on the loans, executives of the Denver-based firm were “very impressed with the credit quality of the portfolio and the relative strength of the collateral.” Kanouff said the portfolio includes FICO ranges higher than what you might see in the typical deal with more than 1,000 loans. “We didn’t look at this pool as a distressed pool,” Kanouff said. “We looked at this pool as a pool of predominantly good loans.” MountainView Servicing Group, another subsidiary of  MountainView Capital Holdings, said earlier this week it would help sell a $485 million servicing portfolio of Fannie Mae mortgages. Nearly all of the loans in that portfolio are fixed-rate mortgages in Illinois. A spokesman for MountainView said the portfolio is being sold by a private mortgage bank but did not specify which one. Bids will be taken until Sept. 7. Write to: Kerri Panchuk.

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