Loan sale adviser DebtX is working with SEBA Professional Services to sell off a $1.7 billion portfolio of non-performing mortgages for the U.S. Department of Housing and Urban Development.
HUD selected portfolio management and financial advisory firm SEBA to sell the distressed assets. DebtX is aiding SEBA in the sale.
The sale should pique the interests of investors.
"There is pent-up demand in the investor community to acquire assets in bulk, and this transaction represents the best opportunity in the past few years to bid and win," said Debt X CEO Kingsley Greenland.
On Sept. 12, 2012, DebtX will be accepting bids through its site from 11 a.m. to 1 p.m.
The HUD portfolio up for grabs – SFLS 2012-3 – includes loans backed by homes across the U.S., with many of the mortgages tied to homes in Chicago, Newark, Phoenix and Tampa.
The portfolio of loans is expected to be offered in standard national pools and regional pools to support HUD's Distressed Asset Stabilization Program.
"SEBA is pleased to support HUD's goal of stabilizing distressed communities and avoiding the unnecessary foreclosures of homes," said Erhiuvie Abu, president and CEO, SEBA Professional Services. "We anticipate a highly successful sale due to the ongoing interest in the Distressed Asset Stabilization Program."