ALEXANDRIA, Va., and DETROIT — NCUA liquidated the remains of the troubled Huron River Area Credit Union of Ann Arbor, Mich. on Nov. 17 and sold it to Detroit Edison Credit Union in a purchase and assumption transaction. The agency assumed control of $170 million worth of delinquent Florida real estate and a lawsuit related to the loans. NCUA then promptly hired DebtX, one of the nation's largest loan sale advisors for commercial debt to sell off a portfolio of $26 million in foreclosed home loans secured by properties in suburban Fort Myers, Florida.

The sale of some 100 loans were 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 617-531-3400.