Freddie Mac going to sell-off $759 million in non-performing loans
Fannie Mae has announced that it will be getting rid of, as in selling, the loans that are not performing and that are delinquent. This will be the first non-performing loan sale this year. There are 10,000 delinquent loans that have an unpaid principal balance of more than $1 billion.
According to Freddie Mac, they plan to sell off almost $8 million in loans that are not performing well. This will also be Freddie Mac’s first NPL sale, or non-performing loan sale of this year as well.
Earlier this week, Fannie Mae announced its first non-performing loan sale of 2017, stating that it plans to sell 10,000 delinquent loans with a total unpaid principal balance of $1.76 billion from its portfolio.
Fannie Mae’s fellow government-sponsored enterprise announced a NPL sale of its own on Friday.
Freddie Mac said Friday that it is planning to sell off $759 million non-performing loans in its first NPL sale of 2017.
According to Freddie Mac, the NPLs are currently serviced by Nationstar Mortgage or Specialized Loan Servicing. The sale marks Freddie Mac’s second multi-servicer NPL transaction.
Freddie Mac said that the NPLs will be sold in five pools, four Standard Pool Offerings and one Extended Timeline Pool Offering, which targets participation by smaller investors, including non-profits and minority and women-owned businesses. Via housingwire.com