STAMFORD, Conn. - GE Capital said it has bought about $1 billion of nonperforming mortgages from the Department of Housing and Urban Development. The package of 162 loans consists mostly of multifamily mortgages.

The purchases were made by GE Capital's Commercial Real Estate Financing and Services unit at an auction of 177 nonperforming mortgages on Southeast properties.

"This transaction is a good example of the depth and breadth of our organization, its ability to underwrite multiple markets and quickly make commitments," said Michael D. Fraiser, senior vice president of GE Capital.

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