A $240 million portfolio of non-performing loans offered for auction by H&R Block has failed to sell, according to participants with knowledge of the deal. At press time, H&R Block's media department had not returned a telephone call about the auction.
The mortgages offered belonged to its now defunct subprime division, Option One Mortgage. Those familiar with the transaction declined to be quoted, citing confidentiality agreements. One observer noted that there was strong interest in the portfolio but "the bid price was a little low."