Ownit Mortgage granted court approval of $3.04 million loan sale

By Jennifer Lanning Drey

Portland, Ore., June 12 - Ownit Mortgage Solutions, Inc. obtained court approval of the $3.04 million sale of 27 mortgage loans to Credit-Based Asset Servicing and Securitization LLC, according to a Tuesday filing with the U.S. Bankruptcy Court for the Central District of California.

Credit-BASS, which previously bought 54 of the company's mortgage loans, was the stalking horse bidder. No overbids were received at the sale auction, held Monday, according to the filing.

The sale will close on or before Friday.

As previously reported, Ownit said the stalking horse bid represents 84% of the unpaid principal balance on the mortgage loans as of April 1.

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

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