Mortgage Industry Advisory Corp. will auction off a $1 billion portfolio of residential servicing rights tied to loans controlled by Freddie Mac. The bulk receivables are backed by fixed-rate loans with delinquencies of just 1.28%. MIAC did not identify the seller but said the product has national "distribution." (The New York-based firm also did not return a telephone call about the matter.) Several other bulk deals are in the market, including a $23 billion pool of servicing rights once owned by AmTrust Bank of Cleveland. The FDIC is offering the AmTrust package through Merchant Milestone Partners.
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