More than $1 billion in government-sponsored enterprise residential loans that are currently not performing have been sold at auction.
Included in the sale are approximately 6,900 home loans that have a collective principal balance of $1.3 billion. Five pools are involved.
Marketing to potential bidders on the transaction,
which is expected to close on Dec. 23, began in October on $1.4 billion in loans.
The marketing was done in collaboration with Wells Fargo Securities LLC.
The seller, the Federal National Mortgage Association, announced the winning bidder on Thursday as MTGLQ Investors LP (Goldman Sachs).
The loans are currently held in Fannie Mae’s investment portfolio, which stood at $307 billion as of Sept. 30, 2016.
Word of the sale comes just two days after Washington-based Fannie announced the sale of $0.789 billion in re-performing loans.
