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WMC Auctioning Scratch and Dent.
BURBANK, CA -- General Electric-owned WMC Mortgage here is trying to sell "hundreds of millions" of dollars in subprime scratch-and-dent loans, according to one market participant.
A WMC spokeswoman confirmed that loans are being auctioned but said she could not provide a dollar amount or any details on the pools. "It's being done in the standard course of business," she said, adding that if the company does not like the bid it will keep the loans in portfolio.
The product that WMC hopes to unload includes nonperforming and underperforming first and second liens, said a source.
WMC, said the source, has tested the secondary market for scratch-and-dent loans before but has not always like the bids, especially on second liens.
In mid-April, the ...
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