WASHINGTON -- The Resolution Trust Corp. announced an auction of more than $600 million of nonperforming loans, to be held Aug. 24-25 in Kansas City.
The auction, the third in a nationwide series, will feature more than 14,000 loans in about 200 packages according to type of loan and geographic location.
The RTC, which is selling off the assets of failed thrifts, said the Kansas City auction is designed to encourage smaller investors with downsized, localized packages of loans. It also said it lowered the minimum deposit of bidders to $50,000 from 100,000.
The nonperforming loan packages are made up of mortgages on one-family to four-family residences, commercial real estate loans, and consumer loans valued from $500,000 to $9 million.
The RTC also said it is conducting seminars around the country for potential auction participants.