EXCLUSIVE: Current Debt Offerings Top $2.2 Billion
October 12 2007
Source: CreditandCollectionsWorld.com and SourceMedia, Inc.
The volume of debt portfolios listed for sale on public Web sites in the past week totaled approximately $2.2 billion on Friday. Garnet Capital Advisors LLC has the largest offering - an $830 million credit card charge-off portfolio direct from an issuer – and is also marketing a $275 million portfolio of performing and sub-performing residential mortgages direct from an issuer. National Loan Exchange is listing 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.
Charge-off Clearinghouse is listing a $4.2 million portfolio of large bank credit card charge-offs dating back to April 2003, and a $12 million portfolio of judgments dating back to March 2005. There are only 92 accounts but the average balance is more than $131,000.
LoanTrade Inc., Boca Raton, Fla., continues to list a $643 million portfolio of indirect auto installment contracts direct from the servicer. Initial bids are due Oct. 23.
Elsewhere, Worldwide Debt Exchange is offering a $65 million portfolio of auto deficiencies, judgments, credit cards and consumer loans, according to company officials. The reseller expects to market two new payday loan portfolios next week.