PMO Loan Acquisition Venture, a partnership among several firms, will purchase a $1.7bn portfolio of nonperforming loans and REO properties previously owned by AmTrust Bank before it failed in December 2009. PMO is a joint venture between Toll Brothers, through its subsidiary Gibraltar Capital and Asset Management, Milestone Merchant Partners and its asset management firm Milestone Asset Resolution Co. (MARC), and other funds managed by Oaktree Capital Management. AmTrust Bank, based in Cleveland, Ohio, owned the loans and real estate before regulators closed it, and the FDIC took it into receivership in December 2009. The 200 loans have an unpaid principal balance of $1.3bn, and the 80 REO properties are worth $382m. Most of the assets are residential and are located in 17 states.