Content area
Full text
Pittsburgh-Mellon Bank Corporation has agreed to sell its $14 billion commercial mortgage servicing portfolio to GMAC Commercial Mortgage Corporation, already the nation's largest commercial mortgage servicer.
When the transaction is completed, GMACCM will have a servicing portfolio of about $70 billion, almost $20 billion more than the second largest commercial servicer. Mellon and GMACCM, Horsham, Penn., said the deal would close by the end of the second quarter. Terms were not disclosed.
In January of this year, Mellon announced plans to sell both its commercial and residential mortgage portfolios. However, Mellon plans to retain its jumbo mortgage business, conducted...