SAN FRANCISCO - Great Western Financial Corp. on Tuesday said it sold about $200 million of nonperforming single-family mortgages to a subsidiary of Bear Stearns Cos.

The purchase price was not disclosed. But the nation's second-largest thrift company said it discounted the mortgages about 30% to 35% from the original loan balances. indicating a price of $130 million to $140 million.

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.