Great Western Corp. Announces Sale of Loans
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Great Western Financial Corp. in Chatsworth, which has been unloading troubled assets to clean up its books, said it has sold $173 million in commercial loans and $122 million in delinquent single-family residential loans and properties.
Great Western, parent of the nation’s second-largest savings and loan, did not disclose the investors who bought the mortgages and real estate. The commercial loans were purchased by Whitehall Street Real Estate Limited Partnership III, a fund managed by Goldman Sachs & Co.
Great Western set aside loan-loss provisions of $100 million in the third quarter in anticipation of the transactions and other bulk sales that are expected to close before the end of the year.
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