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Loan sale advisor DebtX plans to sell $2.9 billion in non-performing home loans for the U.S. Department of Housing and Urban Development.
DebtX is conducting the sale on behalf of SEBA Professional Services, with investors already showing tremendous interest in HUD’s Distressed Asset Stabilization Program, said DebtX CEO Kingsley Greenland.
The HUD portfolio, which is classified as SFLS 2013-1, will be offered in two parts. First, a national offering will accept bidders through the DebtX website (www.debtx.com) from 11 a.m. to 1 p.m. on March 20. Then, another offering of a HUD Neighborhood Stabilization Outcome Pool will be offered on the DebtX’s website from 11 a.m. to 1 p.m. on March 27, 2013.
The initial national offering will include approximately 12,500 loans with a $2.23 billion unpaid principal balance. Meanwhile, the NSO pools will have more than 4,000 loans with a $639 million unpaid principal balance. The NSO pools are expected to include loans in distressed parts of California, Florida, Georgia and Ohio.
"This sale is another significant milestone for HUD in achieving its single-family loan sale goals," said Erhiuvie Abu, president and CEO of SEBA Professional Services, LLC.
In September, DebtX and SEBA offered $1.7 billion in non-performing single-family loans for sale on behalf of HUD.
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