Bids are being accepted on a portfolio of more than $1 billion in government-sponsored enterprise home loans that are not performing.
The offering involves five pools
with more than 7,000 Fannie Mae mortgages with an aggregate principal balance of around $1.1 billion.
Four of the pools contain approximately 6,900 Fannie Mae residential loans with a collective unpaid principal balance of $1.08 billion.
Bids on the pools are due by Aug. 30.
The fifth Community Impact Pool has 120 high-occupancy loans for $0.021 billion. Properties securing the loans are concentrated in Miami.
The Community Impact Pool
is being marketed to encourage participation by smaller investors, non-profit organizations and minority- and women-owned businesses.
Bids on the Community Impact Pool are being taken until Sept. 15.
The loans are being sold by Fannie from its investment portfolio, which
stood at $316.3 billion as of mid-2016.
“Among other elements, terms of Fannie Mae’s non-performing loan transactions require that when a foreclosure cannot be prevented, the owner of the loan must market the property to owner-occupants and non-profits exclusively before offering it to investors, similar to Fannie Mae’s FirstLook program,” the Washington-based company said in the announcement.
This sale is being marketed in collaboration with Wells Fargo Securities LLC and The Williams Capital Group LP as advisors.
