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CU System
DebtX to sell 26 million of CUs foreclosures
BOSTON (11/20/07)--DebtX, the electronic debt exchange agency selected by the National Credit Union Administration (NCUA) to manage the sale of foreclosed home loans from the now-liquidated Huron River Area CU, plans to sell $26 million of the loans on Dec. 13. The Boston-based commercial debt exchange announced Monday it will sell the loans, which were secured by properties near Fort Myers, Fla. The transaction involves the sale of 100 loans in single-family subdivisions in Cape Coral, Lehigh Acres and Northpoint near Fort Myers. NCUA had been overseeing the Ann Arbor, Mich.-based credit union's operations since February and liquidated the credit union on Saturday. Huron River's assets were purchased and assumed by Detroit Edison CU, a $485 million asset credit union based in Detroit (News Now Nov. 19). The average FICO score of the borrowers on the foreclosed homes was 692, the average loan balance is $261,000 and the average value of the home was $360,000 at funding, said DebtX. DebtX CEO Kingsley Greenland said, "This is one of the largest credit union loan sales in recent memory," and that the firm was anticipating strong demand from Florida investors and those who want to diversify their portfolios. Investors can register to make bids at www.debtx.com or by calling 617-531-3400.
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