NEW YORK, Jan 8 (Reuters) - Managers of several so-called collateralized debt obligations are liquidating over $5 billion of distressed securities from their portfolios over the next few days, market sources said on Tuesday.

One auction occurred late Monday and two other auctions are slated for later Tuesday. The auctions total $1.5 billion for the "TABS 2006-5" portfolio, which includes collateralized mortgage obligations, other CDOs and home equity ABS securities, the sources said.

Another auction for "Carina CDO's" $1.56 billion portfolio of distressed securities will be held on Wednesday, followed by another $2.3 billion sale of securities from the "TABS 2007-7" portfolio on Thursday, market sources said. (Reporting by Nancy Leinfuss and Neil Shah; Editing by James Dalgleish)