The Mortgage Industry Advisory Corp. (MIAC) is auctioning off a $59.2 million first-lien subprime residential mortgage portfolio on behalf of an undisclosed private equity investment firm. As of July 31, about $39.8 million of the portfolio was performing. Roughly $16.4 million was nonperforming, $1.8 million was comprised of other real estate owned for sale or rent, and another $1.2 million includes REO that has been rented. Properties collateralizing the portfolio span 37 states. California homes account for 16% of the collateral, Florida 14%, and Illinois 13%. The portfolio is being offered in a one-round, sealed bid auction set for Sept. 24.
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