The Department of Housing and Urban Development will offer two batches of residential loans with a total balance of almost $3 billion later this month.
The agency will sell the nonperforming loans in two parts, the loan-advisory firm DebtX said on Tuesday. The first auction will be for approximately 12,500 loans with an unpaid principal balance of $2.23 billion and will take place on March 20. The second auction will take place on March 27 and will be for a pool of 4,000 Neighborhood Stabilization Loans, mostly in distressed areas of California, Florida, Georgia and Ohio, with a total unpaid balance of approximately $639 million.
DebtX will conduct the auction, on behalf of advisory firm SEBA Professional Services.
HUD, which is expected to be