A nonperforming second-lien portfolio with a face value of $365 million is about to change hands, according to an investment banker close to the transaction.
Final contracts could be signed by the end of next week. The product includes distressed closed-end second liens and open-end HELOCs that have been frozen.
At press time, no further details were available. Nonperforming second-lien portfolios tend to trade for just pennies on the dollar.