Banc of Manhattan Capital, Woodland Hills, Calif., is taking bids on a $26 million pool of reperforming whole loans, servicing released.
The seller's identity was not disclosed. The winning bidder will need to be Home Affordable Modification Program-certified.
Banc of Manhattan is warning investors that "no fade bids" will be accepted. "Subsequent value fades will not be accepted unless there is a severe material issue."
The auction firm hopes to settle the deal by the end of April.