Two organizations were the winning bidders on a
government-sponsored enterprise offering of over $100 million in non-performing mortgages.
Approximately 690 residential loans with an aggregate unpaid principal balance of $124 million have been sold through a bidding process.
One of two pools in the offering includes loans backed by New York City properties. The collective balance of those loans is $14 million.
On Wednesday, the Federal National Mortgage Association announced that Preserving City Neighborhoods Housing Development Fund Cooperation was the winning bidder on the New York pool.
Delinquency averaged 68 months on the smaller pool.
The second pool has mortgages that
in a larger geographically dispersed area. The outstanding balances on those loans come to $110 million.
Delinquency averages 43 months.
Community Loan Fund of New Jersey Inc. took the winning bid on the larger pool.
Cover bids, which are the second-highest bids, ranged between 85 and
90 percent.
The transaction, which was marketed by Fannie Mae in collaboration with Bank of America Merrill Lynch and First Financial Network Inc., is expected to close on Jan. 12, 2018.
