The New York Post is reporting that Bank of America has a $1 billion package of nonperforming mortgages out for bid. But is the deal for real? Investors in the NPL market said some B of A traders were scratching their heads on Monday because they knew nothing about the sizeable auction. One B of A source had this to say: "We were told it is not us. We also checked with the mortgage company to see if it was coming from their side and they confirmed it was not them." Then again, we're told that the (supposed) NPL pool may have been offered to a small pool of bidders (say three) with the idea of keeping it under the radar – including under the radar of some of its own employees. It also means seller financing may be involved. Stay tuned…
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