MIAC Selling $59.2 Million Subprime Residential Portfolio

By Bonnie Sinnock

Published August 29, 2012, 10:27 a.m. EDT

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Updated August 29, 2012, 8:49 p.m. EDT

1 Min Read

The Mortgage Industry Advisory Corp. is auctioning off a $59.2 million first-lien subprime residential mortgage portfolio on behalf of an undisclosed private equity investment firm.
As of July 31, about $39.8 million of the portfolio was performing. Roughly $16.4 million was nonperforming, $1.8 million was comprised of other real estate owned for sale or rent, and another $1.2 million includes REO that has been rented.
Properties collateralizing the portfolio span 37 states. California homes account for 16% of the collateral, Florida 14%, and Illinois 13%.
The portfolio is being offered in a one-round, sealed bid auction set for Sept. 24.MIAC also sold a package of servicing rights recently.

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Capital Markets Editor

Bonnie Sinnock is National Mortgage News' Capital Markets Editor at Arizent and has worked for NMN and affiliated publications since 1995. Her... Read full bio

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