Nearly $800 million in distressed government-sponsored enterprise residential loans have been put on the auction block.
The offering includes five pools that contain $759 million in non-performing Federal Home Loan Mortgage Corp. loans.
Some of the loans are serviced by Nationstar Mortgage LLC, and the rest are serviced by Specialized Loan Servicing LLC.
McLean, Virginia-based Freddie Mac is selling the loans from its investment portfolio.
Four of the pools are standard pool offerings. The other one is an extended timeline pool offering that
targets participation by smaller investors like non-profit organizations, minority-owned businesses and women-owned businesses.
“To participate, all potential bidders are required to be approved by Freddie Mac and must successfully complete a qualification package to access the secure data room containing information about the NPLs and to bid on the NPL pool(s),” the announcement stated. “The winning bidder will be determined on the basis of economics, subject to meeting Freddie Mac’s internal reserve levels.”
Bids are due by March 14 for the standard pool offerings and March 28 for the extended timeline pool offering.
Wells Fargo Securities LLC and First Financial Network Inc. are acting as advisors to Freddie.
