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Nearly $2 Bil in Reperforming GSE Loans Sold

Winning bidders have been announced in the auction of nearly $2 billion in reperforming government-sponsored enterprise residential loans.

In all, two pools of single-family Fannie Mae loans are being sold to two different buyers. The transactions are expected to be completed by May 24.

The first pool
includes 3,015 loans with an aggregate unpaid principal balance of $0.686 billion. The weighted-average loan-to-value based on broker-price onions is 75 percent.

On the second pool, which includes 6,363 loans for $1.273 billion, the weighted-average LTV ratio is 87 percent.

The loans were originally offered for sale by the Federal National Mortgage Association on March 13. Fannie is selling the loans from its investment portfolio, which was last reported at $224 billion as of Feb. 28.

The winning bidder on the first pool, which has a weighted-average note rate of 4.04 percent, was
NRZ Mortgage Holdings, an affiliate of Fortress Investment Group LLC.

On the second pool, which has a weighted-average note rate of 3.12 percent, Cerberus-affiliate Towd Point Master Funding LLC submitted the winning bid.

The pools were
marketed in collaboration with Citigroup Global Markets Inc.

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