Washington, DC, Aug. 26 (UPI) -- The U.S. Department of Housing and Urban Development said Thursday it plans to sell mortgage loans next month.

HUD said it intends to sell certain unsubsidized multifamily and healthcare mortgage loans, without Federal Housing Administration insurance, in a competitive, sealed bid sale.

The department said bids must be submitted Sept. 15. It said it expects awards to be made on or before Sept. 17 and closings are expected to take place Sept. 22.

HUD said a final listing of the performing and non-performing mortgage loans to be sold will be included in the Bidder Information Package.

It said the mortgage loans will be stratified for bidding purposes into several mortgage loan pools, with each pool containing mortgage loans that generally have similar performance, property type, geographic location, lien position and other characteristics.

It said qualified bidders may submit bids on one or more pools. HUD provided these and other details in a notice published in the Federal Register.

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