Debt Exchange Sets Portfolio Sale Dates

November 03, 2008, 2:00 a.m. EST 1 Min Read

Debt Exchange Inc. announced dates for several upcoming sales of loan portfolios totaling $1 billion.

The Boston loan brokerage said Friday that it has arranged to sell the first tranche, $518 million of nonperforming commercial real estate loans, in Michigan on Nov. 19, and additional tranches through mid-December.

It also plans to sell $245 million of loans associated with subdivisions in Southern California on Dec. 2, and $199 million of commercial real estate loans from Integrity Bank of Alpharetta and IndyMac Bank, which were seized by regulators, on Dec. 9.

It plans to sell 11 loans secured by properties in the eastern United States on behalf of a servicer on Dec. 18.

MORE FROM AMERICAN BANKER

Payments

Bread Financial 'feverishly' preps for CFPB late-fee rule scenarios

Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.

By Kate Fitzgerald

1h ago
Artificial intelligence

Banks don't talk about the energy AI guzzles. Here's why they should.

Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.

By Penny Crosman

1h ago
Regulation and compliance

FDIC board debates, then withdraws asset manager control proposals

The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.

By Ebrima Santos Sanneh

3h ago
Regulation and compliance

Why Texas has its own account with the Federal Reserve

The state's comptroller of public accounts is one of several notable non-depositories with access to the Fed's payments system, along with the Chicago Mercantile Exchange and the Tennessee Valley Authority. So why do they have accounts while some neobanks don't?

By Kyle Campbell

3h ago
Originations

Mortgage rates rise on weak economic news

Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.

By Brad Finkelstein

3h ago
Fraud

Mortgage fraud attempts surge by more than one-third

While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.

By Spencer Lee

6h ago