Flagstar Bank has closed on the sale of a $474 million portfolio of non-insured non-performing residential first mortgages.

As National Mortgage News previously reported, Troy, Mich.-based Flagstar sold the portfolio at a loss to an undisclosed buyer. Had the deal closed at the end of 3Q10, it would have reduced Flagstar’s level of non-performing residential first mortgages by 70%.

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