An offering of non-performing government-sponsored enterprise residential loans has been successfully sold through an auction process.
The winning bidder on a portfolio of 113 deeply delinquent Freddie Mac mortgages that have an aggregate unpaid principal balance of $22.4 million has been announced.
Loans included in the sale are, on average, 25 months delinquent. Borrowers have likely already been evaluated for, or are already in various stages of, loss mitigation.
An announcement Thursday from McLean, Virginia-based Freddie indicates that the winning bidder was
VRMTG ACQ LLC.
The loans are being sold from the secondary lender’s $247 billion investment portfolio.
The loan-to-value ratio on the pool of loans is 113 percent based on broker-price opinions.
Modified loans account for 65 percent of the pool balance.
The loans are just part of a $420 offering Freddie announced on Feb. 15.
J.P. Morgan Securities LLC and The Williams Capital Group LP are advising Freddie on the sale.
The transaction is expected to settle in May.
