Private-equity fund Fortress Investment Group on Tuesday made the kind of deal it likely envisioned when it bought AIG's subprime lender.

HSBC Finance has agreed to sell a portfolio of personal unsecured loans and homeowner loans for $3.2 billion to a joint venture of Springleaf Finance and Newcastle Investment. Springleaf was formerly called American General; Fortress bought an 80% stake in the company three years ago and American International Group still owns 20%. Newcastle is a real estate investment trust managed by Fortress.

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