Investor interest in second liens is continuing this year with several more pools expected to come to market, according to residential whole loan sales advisor MountainView Capital Group, Denver.
“Any performing or nonperforming closed-end seconds or HELOCs will attract multiple bidders, said MountainView managing director Jonas Roth in a press release.
Roth recently managed a deal involving the 3,177 nonperforming, unsecured, second-lien mortgages with a total unpaid principal balance of $177.3 million, which he said was one of the largest pools to trade in the secondary market in the past 13 months.
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The largest concentrations in that deal were in California (21.2%), Nevada (14.5%) and Florida (13.8%). The top cities in the pool were Las Vegas (8.8%), Henderson, Nev. (1.5%), Phoenix (1.4%), North Las Vegas (1.4%) and Miami (1.3%).