Irwin Financial Corporation Announces Completion of the Sale of its Conforming Conventional First Mortgage Loan Origination Asse
September 27 2006 - 9:15AM
PR Newswire (US)
COLUMBUS, Ind., Sept. 27 /PRNewswire-FirstCall/ -- Irwin Financial
Corporation (NYSE:IFC), today announced it has completed the sale
of substantially all of its conforming conventional first mortgage
loan production assets and related contractual commitments to
Freedom Mortgage Corporation of Mt. Laurel, NJ. A transfer of a
portion of the assets was described in Irwin Financial's Report on
Form 8-K dated September 18, 2006. Completion of the transaction
included the transfer of Irwin Mortgage Corporation's (IMC)
mortgage loans held for sale and associated hedges. The purchase
price for the assets was approximately $275 million in cash. As
part of the transaction, Freedom Mortgage assumed certain
liabilities associated with the on going operations of the loan
production business, and IMC retained liability for pending
litigation and other obligations arising outside the ordinary
course of business. Freedom Mortgage's purchase includes assets
associated with Irwin Mortgage's loan origination operations, but
excludes the segment's mortgage servicing operations and its
mortgage servicing asset, each of which is being marketed
separately. About Irwin Financial Irwin(R) Financial Corporation
(http://www.irwinfinancial.com/ ) is a bank holding company with a
history tracing to 1871. The Corporation, through its principal
lines of business provides a broad range of financial services to
consumers and small businesses in selected markets in the United
States and Canada. DATASOURCE: Irwin Financial Corporation CONTACT:
Suzie Singer, Corporate Communications of Irwin Financial
Corporation, +1-812-376-1917 Web site:
http://www.irwinfinancial.com/
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