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South Florida

Fort Lauderdale firm buys $500M in soured home mortgages

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Fort Lauderdale-based private equity firm U.S. Debt Ventures has purchased a pool of 7,000 soured residential mortgages, 733 of which are in Florida, from one of the nation’s largest lenders. The face value of the pool, which includes first, second and third liens, was $500 million. The firm, which declined to say which lender was selling the pool or how much it paid for the loans, said it plans to work with borrowers on loan modifications. “US Debt Ventures’ primary focus is to optimize returns for investors, while helping borrowers to clean up their negative credit situation,” said Todd Billings, the firm’s CEO. [Sun Sentinel]