DebtX, on behalf of SEBA Professional Services LLC, will sell a $4.8 billion portfolio of non-performing residential loans in June for the U.S. Department of Housing and Urban Development.
The loan sale includes a national offering of approximately 23,200 loans totaling $4 billion in unpaid principal balance that will be offered in 16 pools, ranging from $93 million to $1 billion. The loans are collateralized by properties across the U.S., with one pool concentrated in the Southwest. The national offering will bid June 11.
A second offering is a Neighborhood Stabilization Outcomes (NSO) Pool offering of approximately 4,800 loans totaling $800 million in unpaid principal balance. The offering will bid June 25. The eight NSO regions are Philadelphia, Miami, Chicago, Detroit, San Antonio, Atlanta, San Bernardino County (Calif.) and Cumberland County (N.J.).
Since September 2012, SEBA and DebtX have offered for HUD more than 72,000 non-performing, single family loans.
"We are pleased to support HUD on its fifth, multibillion-dollar sale of single family loans in the past 18 months," said Erhiuvie Abu, president and CEO, SEBA Professional Services.
Added DebtX CEO Kingsley Greenland, "HUD has taken a clear leadership position in the market, systematically managing its risk through the sale of $17 billion of non-performing single family loans since late 2012. Once again, we expect strong investor interest and bidding as we reach the 100,000-loan milestone with HUD."
Investors can place bids for both offerings at www.debtx.com.
SEBA Professional Services, based in Washington, D.C., offers services including portfolio management, risk assessments, internal control reviews in accordance with Office of Management and Budget guidelines, information assurance and training.