Boston-based DebtX, on behalf of SEBA Professional Services, will sell a $2.9 billion portfolio of nonperforming residential loans for the U.S. Department of Housing and Urban Development (HUD).
The HUD portfolio, SFLS 2013-1, will be open for bids in a two-part auction that will take place on March 20 and March 27 on the DebtX website. More than 16,500 loans will be available for sale in this transaction, which is part of HUD's larger initiative announced last year to sell more than 40,000 loans.
‘Investors have expressed tremendous interest in HUD's Distressed Asset Stabilization Program, which continues to represent the best opportunity to acquire assets in bulk,’ says DebtX CEO Kingsley Greenland. ‘We anticipate excellent investor participation in this sale.’