RoundPoint Mortgage Servicing Corp. has won a 50% equity stake in a $480 million pool of single-family loans from several hard hit states that it will manage for the Federal Deposit Insurance Corp. (FDIC).

The Charlotte, N.C., servicer paid $34.4 million in cash to purchase its equity stake in a limited liability company that will own the troubled assets.

FDIC retained a 50% equity interest as the receiver of the failed bank assets and it will share in the returns of the limited liability company with RoundPoint.

About 51% of the 3,373 loans are 30-days or more past due and 80% of the loans are from three states-Florida, Georgia and Arizona.

The FDIC said it conducted a competitive auction for the portfolio on Feb. 24 and the sale was closed on April 1.

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