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$34 Mil in Nonperforming GSE Loans Trading Hands

The sale of more than $34 million in government-sponsored enterprise-backed residential loans that are not performing has closed. The loans are secured by Florida properties.

Winning bidders have been announced for a portfolio of 182 Fannie Mae mortgages with a collective outstanding unpaid principal balance of $34.25 million.

non-performing loans are broken up into two pools; one of the pools has an Orlando, Florida, concentration, while the second pool is concentrated in Tampa, Florida.

Washington-based Fannie, which announced the sale Tuesday, began marketing the
Community Impact Pools on Feb. 13 in collaboration with Bank of America Merrill Lynch and First Financial Network Inc.

The winning bidder for the loans was

On a weighted-average basis, the first pool has a 4.49 percent
note rate, delinquency of 29 months, and a loan-to-value ratio of 104 percent based on broker price opinions.

The second pool has a 4.56 percent note rate, delinquency of 42 months and an LTV ratio of 98 percent.

Fannie is selling the loans from its investment portfolio, which was reported at $235 billion as of Jan. 31.

The transaction is expected to close on May 22.

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