Debt Exchange

Debt Exchange
DebtX's headquarters at 133 Federal Street in downtown Boston

The Debt Exchange (also known as "DebtX") is one of the world's largest loan sale advisors for the sale of commercial, consumer and specialty finance debt. The company is engaged by commercial banks, insurance companies, investment banks, government agencies and other institutions.

The Debt Exchange is based in the Financial District in Boston, Massachusetts with additional U.S. offices in New York City, Atlanta, Virginia, San Francisco, and international offices in Germany, Spain, and the United Kingdom. The company sells loans in an online auction format to qualified bidders. In 2006, The Debt Exchange was awarded patent number 7,035,820 by the United States Patent and Trademark Office for its online loan sale and debt trading exchange system.

Throughout the Financial Crisis of 2007–2009, the U.S. Federal Deposit Insurance Corporation (FDIC) used DebtX as one of the primary companies to sell loans from failed banks.[1] DebtX was founded in 1999 as a loan sale adviser and has expanded to offer other services including loan valuation and analytics as well as Web-based deal management. The DebtX loan sale platform includes a virtual data room, a customer relationship management system and online auction technology. Prior to each loan auction, attorneys review and arrange the loan documents to facilitate bidder due diligence. [2]

Several loan exchange web sites have emerged since the financial crisis. Some sites require exclusive contractual relationships with the exchange operator and others are a more open exchange system which enables buyers and sellers to connect with each other outside of the exchange, similar to how a real estate multiple listing service operates.

See also

References

  1. ^ "Overwhelmed by Bank Failures, FDIC Weighs Use of Private Firms to Process, Sell Loans"[1](accessed June 14, 2009)
  2. ^ Binyamin Appelbaum, "Banks Put Off Plans to Sell Toxic Assets Inflow of Capital Eases Sense of Urgency, But Action Called Key to Lending Revival," Washington Post, Friday, June 5, 2009, [2] (accessed June 9, 2009)

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