BOSTON -- NCUA didn't waste any time in trying to sell off the bad loans made by Huron River Area Credit Union, of Ann Arbor, Mich., the assets of which were assumed by Detroit Edison Credit Union in a purchase and assumption last week.
Now, the portfolio of $26 million in foreclosed home loans secured by properties in suburban Fort Myers, Florida, will be sold by DebtX, one of the nation's largest loan sale advisors for commercial debt on December 13, 2007.
The sale of some 100 loans was for properties located in single-family subdivisions in Cape Coral, Lehigh Acres and Northpoint, near Fort Myers. In a released statement, DebtX CEO Kingsley Greenland said, "The $26 million in residential loans for sale through DebtX represent a good opportunity for investors to acquire high-quality assets. We're anticipating strong demand from Florida investors, as well as those looking to diversify their portfolio. This is one of the largest credit union loan sales in recent memory."
The average FICO score of the borrowers is 692, the average loan balance is $261,000, and the average value of the home was $360,000 at funding. Investors can register to make bids at http://www.debtx.com or by calling DebtX at 617.531.34