Deals
HUD to Auction $1.7 Billion in Delinquent Home Mortgages
This article is for subscribers only.
A $1.7 billion portfolio of non-performing, federally insured home loans will be offered for sale at auction next month as the government seeks to reduce losses from mounting foreclosures.
The loans will be auctioned in pools consisting of homes in Chicago; Phoenix; Newark, New Jersey; and Tampa, Florida, according to a statement today from SEBA Professional Services, a Washington-based financial adviser, and Debt Exchange Inc., a Boston-based online loan-auction service also known as DebtX. They are handling the sale for the portfolio, which consists of 9,442 loans with an average balance of $182,000, for the U.S. Department of Housing and Urban Development.