Ownit Mortgage gets court OK for bid procedures for loan sale

By Reshmi Basu

New York, Sept. 18 - Ownit Mortgage Solutions, Inc. received approval on the bidding procedures for the proposed sale of its remaining mortgage loans from the U.S. Bankruptcy Court for the Central District of California, according to a person familiar with the case.

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.

Bids must be submitted by 4 p.m. ET on Oct. 2. The offers must also be accompanied by a 10% deposit.

The sale hearing is scheduled for Oct. 5, according to the source.

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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