Freddie Mac has found a buyer for a portfolio of more than $1 billion in distressed residential loans it recently put on the market.
Last month, the McLean, Virginia based organization announced an offering of $1.2 billion in deeply delinquent and non-performing mortgages.
Five
geographically diverse pools of residential loans that are serviced by Ocwen Loan Servicing LLC were included in the offering.
The assets are part of Freddie’s
$373 billion investment portfolio as of July 31.
On Wednesday, the secondary lender announced that
the loans were sold through an auction on Sept. 11.
Freddie expects the transaction to settle next month, after which point the servicing is expected to be transferred from Ocwen.
Word of the sale comes one day after Freddie announced an offering of another $0.327 billion in distressed home loans.
