Distressed Debt Moving Online

I read an article in the Economist about the sale of debt moving online, and a company called DebtX which is working on selling larger institutional assets online. According to the article, many of the assets are distressed. They were featured in the NY Times about 2 weeks ago, and on CNBC about a month ago. I’ve embedded the CNBC piece and the NYT piece can be viewed by clicking here. According to the CNBC piece, some $500M+ of FDIC debt will be sold in 2009, with much of the debt being sold off by smaller banks. There are other sites up like BigBidder which also seem to be interesting, but DebtX is really targeting the institutional buyers of debt.

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