Kondaur Capital of Irvine, CA is working on a deal to buy "several thousand" nonperforming mortgages, said company president Jon Daurio.
In an interview with National Mortgage News, Daurio declined to say who the seller or sellers might be.
The NPL (nonperforming loan) investor currently holds about 2,000 mortgages and has the financial capacity to increase its portfolio to 10,000 loans. Even though one of Kondaur's backers (hedge fund Pequot Capital) is closing down some of its Daurio said Kondaur will not be affected financially. (For the full story see the Monday print version of National Mortgage News.)