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FNBA May Auction $650 Million.
TEMPE, AZ -- First National Bank of Arizona - once a top-ranked alt-A wholesaler - is contemplating selling $650 million worth of subperforming and nonperforming residential loans, according to executives who play in that market.
The offering circular on the FBNA pool has not yet been officially released but may soon, said one investor. The product includes subprime and alt-A loans.
"They're quietly asking around about interest in what they have," said one source. "The product came out of the bank's correspondent group."
An investment banking source said he has heard about the FBNA package, adding that "it's quite big."
As National Mortgage ...
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Source: HighBeam Research, FNBA May Auction $650 Million.