A fairly big portfolio of non-performing mortgages that were acquired by a government-sponsored enterprise are being marketed for an upcoming auction.
Being offered for sale to the highest bidder are $655 million in single-family loans that were originally underwritten and closed for the Federal Home Loan Mortgage Corp.
The mortgages, which are divided into three pools, are seasoned, non-performing whole loans. The loans are currently being serviced by Specialized Loan Servicing LLC.
Freddie Mac is selling the loans from its investment portfolio, which the McLean, Virginia-based company reported at $244 billion as of July 31.
Wells Fargo Securities LLC and The Williams Capital Group LP are advising Freddie on the sale.
Bids are due by Sept. 28 for three standard pool offerings and on Oct. 16 for a third extended time-line pool offering.
