The servicing on more than $3.6 billion in government mortgages are being auctioned to the highest bidder. A significant share of the portfolio is secured by Golden State properties.
Mortgage-servicing rights are being offered on 14,102 Ginnie Mae loans that had an aggregate unpaid principal balance of $3.607 billion as of June 29. Most of the mortgages are GNMA II.
More than a third of the loans are secured by properties that are located in California. But all other states have less than a 10 percent concentration.
Source: Mortgage Daily