Kondaur Capital Corp. of Orange, Calif., was the winning bidder on a 1,000-unit nonperforming mortgage portfolio auctioned by the Department of Housing and Urban Development. "We won the bid about a week ago," Jon Daurio, Kondaur's chief executive, said in an interview Wednesday, adding that the sale was expected to close some time next week. No purchase price was disclosed, nor were other details available at press time.
Kondaur would not say how many of the loans were Federal Housing Administration or Department of Veterans Affairs backed.
A HUD spokesman said he had no information about the auction. The offering was not widely publicized. Bidders had to post a 10% cash reserve up front.
Last month Kondaur revealed plans to slash its staff by 39%, saying it was having a hard time finding enough available product to purchase. But with the pending purchase, Daurio said he may rescind some of those layoffs.
