Method and system for facilitating opportunistic transactions

Abstract

An automated internet based exchange system is described for controlling the exchanging of ownership interests in objects on a secondary market. The automated exchange includes one or more sub-exchanges for maintaining information representative of secondary market transactions and for controlling said transactions. The automated exchange includes a secondary portfolio auction sub-exchange, a pricing and valuation services sub-exchange, an electronic contract negotiation services sub-exchange and a delivery and auditing service sub-exchange. The automated exchange also includes a logic switch manager that creates opportunistic auctions from a transaction for a product or service so as to trigger further auctions or service sales on the same or different secondary markets.

Description

[0001] This application is a continuation of U.S. patent application Ser. No. 09 / 271,096 filed on Mar. 17, 1999, the contents of which are hereby fully incorporated by reference.

[0002] I. Field of the Invention

[0003] The invention is directed to online auctioning systems and methods, and more particularly to an online opportunistic auction system and method for use in commercial secondary markets.

[0004] II. General Background of the Invention

[0005] When a person or entity borrows money from a lender, the borrower must sign a promissory note promising to repay the home loan and a mortgage note (or deed of trust) to serve as collateral for the loan. The bearer of such notes has a legal claim to the underlying property until the mortgage loan is either paid in full or refinanced. When a lender has distributed all of its available funds, the lender will often raise money by selling groups of notes (mortgage loans) to investors. The selling of mortgage loans to investors is referred to a...

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