Lewis Ranieri¹s Selene Partners made offers on portfolios of nonperforming mortgages being shopped by Citi, Wells, Asset-Backed Alert reports.
Selene Partners doesn't typically finance its business via mortgage-bond sales.
Citi, Wells shopping the portfolios signals “trading in the sector could be on the upswing”; Citi’s offering encompasses $622m of loans, Wells' totals $135m.
Bidders include shops that might aim to fund their purchases through securitization including Pacifica Mortgage, San Diego, and Vericrest Financial, Oklahoma City.
