Final bids are due next week on a $1.7 billion portfolio of non-performing second liens, according to a senior executive who's involved in the auction.

He said four bidders have been picked with a finalist set to be chosen by week's end. The portfolio, he said, includes "closed-end, seasoned charge-offs."

Depending on the underlying collateral, NPL seconds typically sell for less than 10 cents on the dollar.

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