RMBS: Lewis Ranieri’s Selene Partners Makes Offers for NPLs, ABA Says

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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.

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