Oppenheimer Holdings Inc. Reports Completion of the Sale of its $3.8 Billion Mortgage Servicing Portfolio
June 22 2016 - 12:27PM
PR Newswire (US)
NEW YORK, June 22, 2016 /PRNewswire/ - 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 PR Newswire
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