LoanMarket.net, Irvine, Calif., which operates a website offering individual mortgages for purchase, has branched out into offering loan pools. It closed its first pool sale in August and currently has several more packages out for bid, said company principal Jeff Freud. "We hope to close a pool or two a month," said Mr. Freud. For now, the firm is focusing on package sizes ranging from $20 million to $100 million. The company is offering both performing and nonperforming mortgages as well as commercial and residential. Mr. Freud said banks are selling nonperforming loans (usually in small amounts) but noted that none are publicizing their deals. "Deals are closing," he said, "but no one wants to talk about it."
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