CORRECTION: An earlier version of this story misdescribed the loans being sold. They are not delinquent.
HomeStreet, the parent company of the $3 billion-asset HomeStreet Bank, plans to sell two pools of residential loans that it will continue to service.
All the loans are in Washington, Oregon, Idaho or Hawaii. The first offering is made up of fixed-rate loans with an outstanding principal balance of about $105 million and is expected to close this month. The second pool is made up of adjustable rate mortgages that have a $222 million balance and is projected to be sold by the end of April.
"These loan sales are part of HomeStreet's ongoing loan portfolio and balance sheet management activities," Mark Mason, the Seattle company's CEO, said in a press release issued Wednesday. "These activities are undertaken to manage HomeStreet's credit risk, interest rate risk, liquidity and regulatory capital ratios."