More than $1.3 billion in distressed home loans are being offered for sale by the Federal National Mortgage Association.
Fannie Mae said Tuesday that it is selling around 6,760 non-performing mortgages. The aggregate principal balance is $1.3645 billion.
Fannie
indicated that the sale is being marketed in collaboration with Bank of America Merrill Lynch and First Financial Network Inc.
According to the secondary lender, the transaction includes four pools with 6,700 loans for $1.35 billion.
Bids on the larger pools are due by Feb. 3.
In addition, 60 loans with a concentration in the Miami area make up a community impact pool for $14.5 million.
“The community impact pool is a geographically-focused, high occupancy pool and is being marketed to encourage participation by smaller investors, non-profit organizations and minority- and women-owned businesses,” Fannie said.
Bids on the community impact pool are due on Feb. 18.
The Washington-based organization noted that buyers of non-performing loans are required to market properties where foreclosures can’t be prevented to owner-occupants and non-profits exclusively before offering them to investors.
