DebtX, Boston, has been hired to sell roughly $334 million of troubled acquisition, development and construction loans for a bankrupt real estate fund.
In total, 18 loans will be auctioned. The collateral is spread over nine U.S. states, including two large notes, one for $61 million in Wyoming, and a $55 million mortgage in California. The California note is secured by land and water rights.
DebtX will begin reviewing bids on January 19.
“Given the unique nature of many of the properties secured by these loans, we expect strong interest from local, national and international investors,” said company CEO Kingsley Greenland.
Daily Briefing | Friday, December 16, 2011
Surprise: Congress Now Contemplating G-Fee Hike for GNMA
With Congress moving closer to raising the guarantee fee on Fannie Mae and Freddie Mac loans, a proposal to hike Ginnie Mae fees by an equal amount is being circulated on Capitol Hill, National Mortgage News has learned.
California Lender Closes East Coast Operations
O2 Funding, Foothill Ranch, Calif., late this week closed its East Coast mortgage production operation, electing to concentrate on West coast lending, according to industry officials familiar with the matter.
New Measure Asks for FHA Recapitalization
Senator David Vitter, R-La., late this week introduced legislation that would pressure the Federal Housing Administration to recapitalize its single-family mortgage insurance fund in two years.
Nevada Sues LPS for Foreclosure Fraud
Nevada’s attorney General Catherine Cortez Masto this week filed civil fraud charges against Lender Processing Services and two subsidiaries alleging the company engaged in a widespread fraud of forging foreclosure documents.
SEC Sues Former GSE Chiefs Over Nonprime Disclosures
The Securities and Exchange Commission on Friday sued Richard Syron, the former chief executive officer of Freddie Mac, and Daniel Mudd, ex-CEO of Fannie Mae, over disclosures they made about subprime assets the GSEs invested in.
Merry Christmas from FHFA: No Salary Hikes for Agency, Fannie and Freddie
Rank and file workers at the Federal Housing Finance Agency, Fannie Mae and Freddie Mac this week were told that there will be no “merit salary” increases in 2012, according to a memo provided to National Mortgage News.
Fannie Exec: Pricing of MF DUS REMIC Draws Large Orders
Fannie Mae’s latest multifamily DUS REMIC priced under its guaranteed multifamily structures program included some exceptionally large orders – and high demand for a yearend auction.
NAMB Takes Exception to Presidential Put-Down
An offhand, deleterious comment about mortgage brokers by President Obama has raised the ire of the National Association of Mortgage Brokers – and brought a strong rebuke from trade group president Donald Frommeyer.
10-Year Drops, Mortgage Rates May Fall Again
Friday morning, the yield on the benchmark 10-year Treasury fell to lows not seen in the last couple of months, a sign that mortgage rates will stay low.
Signs of Life in California Housing Market
California home sales rose 2.1% in November on a sequential basis, and were up 2.3% compared to the same month a year ago, according to the state’s premier Realtor group.
Foreclosures Remain Huge Problem for Small Banks
With the crush of foreclosures, analysts have implored smaller banks to dump bank-owned properties, even if it means taking a big loss.
Trial Starts in Alabama ‘Silent Seconds’ Scam
Alabama prosecutors opened a trial this week against a woman accused of helping her brother run a sophisticated fraud that helped obtain millions of dollars in fraudulent mortgages from First Educators Credit Union in Birmingham and other lenders to finance condominium rehabs at the Gulf Shores resorts.