MountainView Capital Group, which advises mortgage firms and financial institutions on the trading of home loans, saw a pool of 7,100 secured and unsecured, nonperforming, second-lien loans sold recently.
The pool has an unpaid principal balance of $403 million and contains mostly closed-end second liens in Florida, California, Nevada, Texas and Illinois.
A bank, which wasn't disclosed, asked MountainView to advise the sale.
"We received multiple bids on this offering and continue to see more nonperforming and performing seconds appearing in the marketplace," said Jonas Roth, a managing director at MountainView Capital Group.
Managing Director Derek Katz said the firm has traded several second-lien pools.
"In the past 12 months, we traded over 15 second-lien pools that each had (unpaid principal balance) in excess of $25 million and cumulatively had (unpaid principal balance) of more than $2 billion."