The receivership process for the 15 insolvent American Equities mortgage funds is slowly trudging along, but one clear sign of progress can be seen in the pages of this season’s Realty Marketing/Northwest auction catalog, where several former mortgage fund properties have found their way into the lineup.
“We have 35 of the properties (from the mortgage funds) in our fall auction that range from Washington down to California,” said Reality Marketing/Northwest President John Rosenthal.
Twenty-four of those are in Oregon or Southwest Washington, he said, including four in Clark County and one just outside the county in Woodland. Sealed bids are due by 5 p.m. Nov. 13. More information about the auction can be obtained by calling the company office at 800-845-3524.
The 15 insolvent funds — all of which are named some variation of “American Eagle Mortgage,” e.g. American Eagle Mortgage 100, American Eagle Mortgage 200, etc. — were placed into receivership earlier this year.
American Equities operated the mortgage pools for years as vehicles for investors, many of whom were local to Clark County. At the time the insolvency became known, the funds held an estimated $34 million in assets against about $77 million in liabilities.