The FDIC portfolio consists of performing loans taken over by the FDIC from the Resolution Trust Corp. The loans were securitized in 1995 and are being sold at approximately 10% of their original balance.
DebtX CEO Kingsley Greenland notes that the online auction is effective in bringing "buyers and sellers together to create a liquid secondary market for virtually all classes of debt." The sale will be held Sept. 12.
Recently, DebtX sold $70 million in residential mortgages for the FDIC. In June, DebtX's electronic platform was chosen by Insignia/ESG to help dispose of more than $700 million in loans for the US Small Business Administration.
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