Fannie Mae recently began marketing its thirteenth sale of re-performing loans, or mortgages that were previously delinquent but are performing again because payments on the mortgages have become current with or without the use of a loan modification, as part of the company's effort to reduce the size of its retained mortgage portfolio. The sale consists of approximately 29,600 loans, having an unpaid principal balance of approximately $5.1 billion and marketed with Citigroup Global Markets, Inc. as advisor. Pools are available for purchase by qualified bidders. Interested bidders can register here.
The sale is being offered in six pools, all serviced by Mr. Cooper:
- Pool 1 is approximately $755.9 million in UPB
- Pool 2 is approximately $1.5 billion in UPB
- Pool 3 is approximately $1.1 billion in UPB
- Pool 4 is approximately $ 586.9 million in UPB
- Pool 5 is approximately $552.2 million in UPB
- Pool 6 is approximately $679.9 million in UPB.
Earlier this year, Fannie Mae announced the results of its twelfth reperforming loan sale transaction. The sale was originally announced on June 13 and included the sale of approximately 16,500 loans totaling $2.6 billion in unpaid principal balance (UPB), divided into four pools, marketed with Citigroup Global Markets Inc. as advisor. The winning bidders of the four pools for the transaction were DLJ Mortgage Capital, Inc. (Credit Suisse) for Pools 1 & 2, Goldman Sachs Mortgage Company (Goldman Sachs) for Pool 3, and 510 Model I, LLC (400 Capital Management) for Pool 4. The transaction is expected to close on August 27, 2019.
Before this, Fannie Mae announced the winner of its fifteenth non-performing loan sale, which included 4,300 loans totaling $770.13 million in unpaid principal balance (UPB), divided among four pools. The winning bidders of the four pools for the transaction, expected to close on July 23, 2019, were Igloo Series IV Trust (Balbec Capital, LP) for Pool 1, MFRA Trust 2015-1 (MFA) for Pool 2, Elkhorn Depositor LLC (Roosevelt Mortgage Company, LLC) for Pool 3, and VRMTG ACQ, LLC (VWH Capital Management, LP) for Pool 4.
Freddie Mac and Fannie Mae’s NPL sales are part of the FHFA’s three strategic goals as conservator of the Enterprises, including maintaining foreclosure prevention activities and credit availability, reducing taxpayer risk, and building a new single-family securitization infrastructure, the Unified Mortgage Backed Security.