Another sale of distressed residential loans for nearly $800 million is being offered by the Federal Home Loan Mortgage Corp.
The McLean, Virginia-based firm is auctioning off seven pools of loans in a $783 million transaction, a news release Thursday said.
All of the mortgages are seasoned, non-performing whole loans that are currently being held in Freddie Mac’s investment portfolio.
Bayview Loan Servicing LLC is currently servicing the loans.
Included in the offering are
five Standard Pool Offerings. Bids on the SPO offerings are due on June 15.
The other two pools are Extended Timeline Pool Offerings, which are targeted at smaller investors — including non-profits and minority and women-owned businesses. Bids on the EXPO offerings are due on June 29.
The sales are expected to settle in August and September.
Bank of America Merrill Lynch and The Williams Capital Group LP are advising Freddie on the transaction.
It’s the third non-performing loan transaction this year for Freddie.
Freddie reports that it sold $4.3 billion in non-performing loans during the first quarter.
