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Freddie Unloading Nonperforming Loans

Freddie Mac has announced the planned sale of severely distressed home loans that are currently being serviced by Ocwen Financial Corp.’s servicing subsidiary.

An upcoming auction by the Federal Home Loan Mortgage Corp. involves a $233 million standard pool offering.

The McLean, Virginia-based firm noted that the loans are being offered as a single pool of geographically diverse, deeply delinquent non-performing loans.

The loans are currently being serviced by Ocwen Loan Servicing LLC — which has been unloading mortgage servicing rights on agency loans as of late.

Qualified bidders have until May 29 to submit their bids.
The sale is expected to settle in July.

“The winning bidder will be determined on the basis of economics, subject to meeting Freddie Mac’s internal reserve levels,” the announcement stated. “To participate, all potential bidders are required to be approved by Freddie Mac to access the secure data room containing information about the NPLs and to bid on the NPL pool.”

Bank of America Merrill Lynch, Wells Fargo Securities LLC and CastleOak Securities LP are acting as advisors in the transaction.

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