More than $1 billion in non-performing residential loans backed by a government-sponsored enterprise are being sold.
For sale are approximately 6,090 non-performing single-family GSE loans that have a collective unpaid principal balance of $1.074 billion.
Successful bidders are required to pursue sustainable loss mitigation options. When foreclosure can’t be avoided, the investor must market the property to owner-occupants and non-profits before offering to other investors.
Fannie Mae announced the offering on Tuesday.
The loans will be sold from the Washington-based secondary lender’s investment portfolio, which was last reported at $231 billion as of Dec. 31, 2017.
Bids are due on three larger pools by March 6. Bids on smaller Community Impact Pools are due by March 20.
This sale is being marketed in collaboration with Bank of America Merrill Lynch and First Financial Network Inc., as advisors.
