A hundred million dollars in lines of credit secured by residential properties have been sold through a New York-based whole-loan trading desk.
The transaction, which was announced on Monday, involved the placement of approximately $100 million in home-equity
lines of credit.
The press release indicated that the whole-loan placement consisted of seasoned HELOCs. All of the loans in the transaction are in first-lien position.
Mortgage Industry Advisory Corp., the broker in the deal, indicated that the loans were placed through its whole-loan trading desk.
MIAC
Managing Director Stephen Harris explained in a written statement to Mortgage Daily that the seller was an international bank.
The buyer was a domestic bank.
MIAC, which is still working on another tranche of the same type of loans, says it has also been engaged as the exclusive selling agent for an additional $220 million in similar assets.
