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DS News Webcast: Wednesday 3/4/2015

In the first bulk sale of seriously delinquent mortgage loans from its portfolio in 2015, Freddie Mac announced on Tuesday it has auctioned off nearly 2,000 deeply delinquent non-performing loans with an aggregate unpaid balance of approximately $392 million. The loans that were sold in the auction were an average of three years delinquent on mortgage payments, meaning that the borrowers for all the loans are all likely in some stage of mitigation – either loan modification, a foreclosure alternative such as a short sale or deed-in-lieu of foreclosure, or actually in foreclosure.

The loans were offered as three separate pools. The winning bidder for both Pool Number 1 and Pool Number 2 was Pretium Mortgage Credit Partners/Loan Acquisition. The winning bidder on Pool Number 3 was Bayview Acquisition. The conservator for both Freddie Mac and its fellow GSE, Fannie Mae, is requiring the two Enterprises to reduce the number of delinquent loans in their portfolios. Freddie Mac sold its first bundle of delinquent loans for $659 million in July 2013.

JPMorgan Chase Bank has agreed to pay more than 50 million dollars to more than 25,000 homeowners in bankruptcy as part of a settlement with the Department of Justice's U.S. Trustee Program, according to an announcement from the Justice Department on Tuesday. The amount Chase agreed to in the proposed settlement will include cash payments, mortgage loan credits, and loan forgiveness to homeowners in bankruptcy.

About Author: Jordan Funderburk


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