Oppenheimer Holdings Inc. Reports Completion of the Sale of its $3.8 Billion Mortgage Servicing Portfolio
June 22 2016 - 12:27PM
PR Newswire (Canada)
NEW YORK, June 22, 2016 /CNW/ - Oppenheimer Holdings
Inc. (NYSE: OPY) today reported the completion of the sale by
its subsidiary, Oppenheimer Multifamily Housing & Healthcare
Finance, Inc. ("OMHHF") of OMHHF's permanent loan mortgage
servicing portfolio to Walker & Dunlop, Inc. for cash proceeds
of approximately $45 million.
The sale, consisting of over 480 permanent loans insured by the
U.S. Department of Housing and Urban Development, represents a sale
of substantially all of the assets of OMHHF. The sale of the
remainder of OMHHF's operating assets is expected to be completed
in the near future. As previously reported, the Company had
determined that OMHHF was a non-core business of the Oppenheimer
financial services franchise and the Company's board of directors
had approved the sale of assets of OMHHF.
Albert G. Lowenthal, Chairman and
CEO commented, "We formed OMHHF in 1998 and successfully grew the
business into one of the top ten commercial mortgage loan servicers
in the U.S. I would like to thank Jim Moore, President of OMHHF, for his many
years of service. We believe that the sale of this non-core
business will allow us to continue to focus on growing our core
banking and wealth management franchise."
SOURCE Oppenheimer Holdings Inc.
Copyright 2016 Canada NewsWire
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