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Fog Cutter Capital Group here has sold its Wilshire Credit Corp. prepaid loan servicing credit for $1.7 million in cash.
The loan servicing credit was originally acquired by Fog Cutter in 1998, when it was an affiliate of WCC.
The loan servicing credit may be used, subject to certain limitations, to pay for loan servicing portfolio activities performed by WCC.
As a result of the sale, Fog Cutter will recognize a gain in the amount of $1.5 million in the second quarter of 2004.
The business strategy of Fog Cutter ...
Source: HighBeam Research, Fog Cutter Sells Credit For Wilshire Servicing.(Brief Article)