BOSTON — The NCUA didn't waste any time in trying to sell offthe bad loans made by Huron River Area Credit Union of Ann Arbor,Mich., the assets of which were assumed by Detroit Edison CreditUnion in a purchase and assumption last week. Now, the portfolio of$26 million in foreclosed home loans secured by properties insuburban Fort Myers, Florida, will be sold by DebtX, one of thenation's largest loan sale advisors for commercial debt on Dec. 13,2007.

The sale of some 100 loans of properties are located insingle-family subdivisions in Cape Coral, Lehigh Acres andNorthpoint, near Fort Myers. In a released statement, DebtX CEOKingsley Greenland said, “The $26 million in residential loans forsale through DebtX represent a good opportunity for investors toacquire high-quality assets. We're anticipating strong demand fromFlorida investors, as well as those looking to diversify theirportfolio. This is one of the largest credit union loan sales inrecent memory.”

The average FICO score of the borrowers is 692, the average loanbalance is $261,000 and the average value of the home was $360,000at funding. Investors can register to make bids at or by calling DebtX at 617-531-3400.

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