Citigroup late last week agreed to sell a $441 million package of nonperforming loans with PennyMac Mortgage Investment Trust being identified as the winning bidder, according to industry sources who play in that space.

Officials at both companies declined to comment. PennyMac has bought NPL packages from Citigroup in the past.

The seller was asking in the range of 70 cents on the dollar for each unit, based on the property's current value.

Prior to this deal, Citigroup recently sold a $138 million package of NPLs. Bidders on that offering included Arch Bay Capital, and Selene Finance.

Over the past few months the NPL market has been gaining steam with some sellers hoping to clean up their balance sheets by yearend.

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