WASHINGTON -- The Federal Deposit Insurance Corp. has awarded a Banc One Corp. subsidiary a three-year contract to provide commercial mortgage loan servicing for performing and subperforming mortgage loans inherited from failed banks.

About 5,000 commercial mortgage loans, with a book value of $1.7 billion, will be transferred to Banc One Management and Consulting Corp., a Dallas-based unit of the Columbus, Ohio, banking company.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.