The Federal Home Loan Mortgage Corp. is auctioning off distressed mortgages that are currently being held in its investment portfolio.
The secondary mortgage lender announced on Thursday an auction of $135 million in seasoned, non-performing
residential whole loans.
McLean, Virginia-based Freddie Mac said in the statement the home loans are currently being serviced by JP Morgan Chase Bank, N.A.
The loans are being offered as one pool.
J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and First Financial Network Inc. are advising Freddie in the transaction.
It’s the second such sale offered this year by the secondary lender.
Freddie’s
investment portfolio stood at $340 billion as of March 31.
Qualified bidders have until May 25 to submit bids. The sales are expected to settle in the third quarter.
