Irwin Financial (IFC) To Sell Home Equity and Small-Ticket Leasing Business
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Irwin Financial Corporation (NYSE: IFC) announced transactions that, when completed in the third quarter, will accomplish a strategic restructuring of the Corporation and Irwin Union Bank. The restructuring will cap Irwin's remaining exposure to the national home equity lending business, which has been a principal driver of recent losses.
"We are pleased to announce the execution of an agreement to sell our home equity residual interests to Roosevelt Management Company LLC, a New York-based financial services firm focused on investments in, and servicing of, seasoned residential mortgage loans and securities. This will remove $1.0 billion of home equity loans from our balance sheet. In addition, we have reached agreement with Roosevelt to deliver substantially all of the remaining loans in our home equity business into a securitization structure that will cap our remaining exposure at less than $100 million."
IFC also entered into agreements to sell its small-ticket leasing business in Canada to RoyNat Inc., a subsidiary of Scotiabank Group, and in the United States to Equilease Financial Services, Inc. for $600 million prior to associated costs.[SM]
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