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Scratch & Dent Buyers Await Bailout Details.
Byline: Paul Muolo
Washington-The sale of large scratch-and-dent loan packages has just about dried up as the mortgage industry waits to see how the government will implement a $700 billion rescue package for the capital markets.
According to interviews with market participants, small scratch-and-dent portfolios ($50 million or less) are still being circulated to potential investors but large deals are - for now - becoming scarce.
"Guys with large inventories - JPM, Morgan, Lehman - aren't selling," said one investor. "They're waiting to see what happens with the Treasury deal."
The only exception in the large deal landscape is a $14 billion package of whole loans the government is selling on behalf of IndyMac Bancorp but it appears that package is tied to a "whole bank" transaction which may or may not come off. Last week the Federal Deposit Insurance Corp. once again declined to give any guidance on the sale of IndyMac.
Meanwhile, prices offered for subperforming and nonperforming loans have hit rock bottom.
One West Coast bidder, requesting anonymity, said bids on first-lien portfolios are starting out in the mid-70s (cents on the dollar) and settling at 55 cents. He said this is the price paid for delinquent or what he called "subperforming" mortgages.
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