Winning bids have been announced for a pool of more than $1 billion in government-sponsored enterprise residential loans that are not performing.
In February, 6,090 non-performing Fannie Mae mortgages with an aggregate unpaid principal balance of $1.074 billion were offered for sale.
The portfolio included three larger pools and one small pool. Bids were accepted on the three larger pools through March 6, while bids are still being taken on the smaller pool.
On Wednesday, Fannie announced that
winning bidders have been selected for the three larger pools.
The loans are being sold from the Washington-based company’s investment portfolio, which was reported at $235 billion as of Jan. 31.
The successful bidders were
Balbec Capital LP’s Bungalow Series III Trust and Roosevelt Management Company LLC’s Elkhorn Depositor LLC.
In all, approximately 5,700 loans for $1.002 billion are included in the three pools.
The sale, which was marketed in collaboration with
Bank of America Merrill Lynch and First Financial Network Inc., is expected to close on April 24.
It’s the 12th sale of non-performing loans for Fannie.
