A significant portfolio of non-performing government-sponsored enterprise single-family loans that hit the market last month has found a buyer.
In September, the Federal National Mortgage Association offered a portfolio of 10,780 non-performing mortgages with an aggregate unpaid principal balance of $1.98 billion for sale to the highest bidder.
The winning bidder is required to pursue sustainable loss mitigation options for borrowers and market foreclosed properties first to to owner-occupants and non-profits exclusively before offering them to investors.
On Thursday, Washington-based Fannie Mae announced that Goldman Sachs-affiliate MTGLQ Investors LP has been awarded the winning bid. The final portfolio includes approximately 10,300 loans for $1.88 billion.
Fannie is selling the loans from its investment portfolio, which was reported at $221 billion as of Aug. 31.
The mortgages were marketed in collaboration with Bank of America Merrill Lynch and First Financial Network Inc. as advisors.
Fannie said it expects the sale to close on Nov. 21.
