Maxxam Buys Portfolio of 2 Failed Thrifts:...
From Times Staff and Wire Reports
Maxxam Buys Portfolio of 2 Failed Thrifts: The Resolution Trust Corp., in its first portfolio sale of distressed assets from failed thrifts, announced that Houston-based Maxxam Inc., a real estate developer, submitted the winning cash bid of $130.1 million for a portfolio of commercial loans and real estate. The portfolio included 32 nonperforming or restructured mortgage loans and 26 commercial properties from two insolvent Texas thrifts, Commonwealth Federal Savings Assn. and Alamo Federal Savings Assn. Both institutions are now operating under the conservatorship of the RTC. The book value of the loans was about $300 million.
