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US Auctions $109 Mil in Loans Online

NEW YORK CITY-The transaction is said to be the largest sale of US Government assets online. Hanover Capital's AssetOnsite allowed bidders to view details of three loans pools, including the results of due diligence.

By John Howe | Updated on June 27, 2001

NEW YORK CITY-Last week, the US Department of Housing and Urban Development auctioned $109 million of Section 312 Rehabilitation Loans, which was carried out by Hanover Capital Partners Ltd. Three pools of single family, multifamily and deficiencies/charge-off loans were sold online through HanoverTrade.com, a Web-based exchange for trading mortgage whole loans. It is and affiliate of Hanover Capital Partners, a subsidiary of Hanover Capital Mortgage Holdings, based here.

Section 312 loans are designed to help eliminate the spread of slums by encouraging property owners to upgrade and preserve neighborhoods and rehabilitate private property. The Federal Government supplies the loan funds, which are processed by local communities.

The transaction is believed by HCP to be the largest ever Internet sale of US Government financial assets. Information was disseminated, due diligence was performed and images were reviewed on the Web using Hanover’s AssetOnsite, which allows bidders to create ad-hoc stratification reports on a loan level or summary basis.

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