A tiny loan sale by the Department of Housing and Urban Development in June was a harbinger of bigger things to come, the department said last week.

HUD auctioned 14,990 single family mortgages and 10 land development loans on June 22. The sale of the loans, which carried an unpaid principal balance of $189 million, "was meant to test the receptiveness of the market to the sale of HUD's burgeoning mortgage loan inventory," the department said in a statement.

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