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News > Deals
Mellon sells $14B mortgages
April 1, 1999: 10:36 a.m. ET

GMAC Corp. buys Pittsburgh bank's mortgage pool, giving it $70B portfolio
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NEW YORK (CNNfn) - Mellon Bank Corp. said Thursday it is selling its $14 billion commercial mortgage portfolio to GMAC Commercial Mortgage Corp.
     The transaction, terms of which weren't disclosed, is expected to close by the end of the second quarter.
     The purchase gives Horsham, Pa.-based GMAC, a large servicer of commercial mortgages, a portfolio of approximately $70 billion.
     Early this year, Pittsburgh, Pa.-based Mellon (MEL) announced plans to sell its commercial and residential mortgage businesses to focus on other areas with higher return potential.
     Mellon said it will retain its jumbo mortgage loan business conducted nationwide through Boston Company.
     Mellon shares rose 1/4 Thursday morning to 70-5/8. Back to top

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