Transamerica Financial Services Co. will buy $1.4 billion of home equity loans this month and hire 600 people to service them, according to a senior executive at the Los Angeles-based lender.

Jack E. Nelson, special projects manager for the subsidiary of Transamerica Corp., San Francisco, said the unit would soon complete a purchase of $500 million of loans from GE Capital Mortgage Corp., Raleigh, N.C. Another loan pool, of $900 million from a lender he declined to identify, will be purchased by month's end.

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