Source: CreditandCollectionsWorld.com and SourceMedia, Inc.
Debt portfolio brokers and resellers reported no new large offerings this week and the total amount available for sale on public Web sites dipped to $1.7 billion. The figure includes an $800 million credit card charge-off portfolio direct from an issuer. Garnet Capital Advisors LLC is handling that sale. The broker also is marketing a $275 million portfolio of performing and sub-performing residential mortgages direct from an issuer. National Loan Exchange continues to list several direct-from-credit portfolios including: a $45 million forward-flow portfolio from GE Money; a $45.1 million portfolio from GTE Federal Credit Union; and a $27.1 million portfolio from Wells Fargo Bank. Garnet Capital and National Loan Exchange both expect to soon see a rush by creditors to sell portfolios and remove them from the books for a year-end cash infusion. Worldwide Debt Exchange expects to soon market two new payday loan portfolios.