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Loan Modification

: Mortgage Lender Implode-o-Meter

Lennar Buys $3.05bn of Distressed Real Estate Loans

By Implode-Explode Heavy Industries

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Homebuilder Lennar Corp. (LEN: 16.81 +7.69%) said late Wednesday it bought ownership of two loan portfolios with a combined unpaid balance of $3.05bn.

The portfolios hold 5,500 distressed residential and commercial real estate loans from 22 failed bank receiverships, according to a press statement.

Full post as published by Mortgage Lender Implode-o-Meter on February 11, 2010 (boomark / email).

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