Ownit Mortgage extends deadline for submitting bids for mortgage loan sale

By Reshmi Basu

New York, Oct. 10 - Ownit Mortgage Solutions, Inc. extended the deadline for potential buyers to submit bids for the sale of its remaining mortgage loans, according to a notice filed Wednesday with the U.S. Bankruptcy Court for the Central District of California.

Bids must be submitted by 4 p.m. ET on Oct. 26. The auction is scheduled for Oct. 29, and the sale hearing is set for Oct. 30.

As previously reported, the company already has sold 85 mortgage loans for $7.03 million. It now seeks to sell the 25 remaining loans, which will be sold in different groups and pairings.

Under the bidding procedures, the company will forgo the stalking horse selection in lieu of a one-step sale and bidding process.

Ownit, an Agoura Hills, Calif., mortgage lender, filed for bankruptcy on Dec. 28, 2006. Its Chapter 11 case number is 06-12579.

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