A unit of Credit Suisse has acquired more than $2 billion in government-sponsored enterprise single-family loans that are reperforming.
In all, the sale involves four pools amounting to 9,300 mortgages which have a collective unpaid principal balance of $2.11 billion.
Residential loans included in the sale were previously delinquent but are performing again because they were brought current with and without loan modifications.
Weighted-average note rates for the pools ranged from 4.11 percent to 4.27 percent,
while weighted-average loan-to-value ratios based on broker-price opinions ranged from 89 percent to 117 percent.
The loans were first offered for sale in October by the Federal National Mortgage Association, which is selling the assets from its $245 billion investment portfolio. Citigroup Global Markets Inc. marketed the deal as advisor.
DLJ Mortgage Capital Inc., a unit of Credit Suisse, was the winning bidder on all four pools.
“The cover bid, which is the second highest bid, was 90.70 percent of UPB (79.02 percent of BPO) for the four pools in the aggregate,” Washington-based Fannie stated.
