DebtX, SEBA To Sell $2.9B HUD Portfolio

Boston-based DebtX is selling a $2.9 billion portfolio of non-performing residential loans for the U.S. Department of Housing and Urban Development (HUD).

The national offering includes approximately 12,500 loans with a $2.23 billion unpaid principal balance. The neighborhood stabilization outcome (NSO) pools have more than 4,000 loans with a $639 million unpaid principal balance. The NSO pools are expected to include loans in targeted distressed areas in California, Florida, Georgia and Ohio.

 "Investors have expressed tremendous interest in HUD's Distressed Asset Stabilization

Program, which continues to represent the best opportunity to acquire assets in bulk," said DebtX CEO Kingsley Greenland.