Home / Media / DS News Webcast: Thursday 4/9/2015
Print This Post Print This Post

DS News Webcast: Thursday 4/9/2015

Fannie Mae announced on Wednesday that it will make available for purchase to qualified bidders a bundle of approximately 3,200 non-performing single-family residential mortgage loans totaling about $786 million in unpaid principal balance. This will be Fannie Mae's first bulk sale of NPLs as the GSEs push to clear deeply delinquent loans from their mortgage portfolios at the behest of their conservator, the Federal Housing Finance Agency.

The marketing for the NPL sale began Wednesday and bids are due on May 6. Fannie Mae said it expects the sale to close in mid to late June. According to Fannie Mae, Bank of America Merrill Lynch, Credit Suisse, and The Williams Capital Group are acting as advisers for the NPL sale. Fannie Mae's fellow GSE, Freddie Mac, has already conducted three bulk NPL sales in the last eight months totaling approximately $1.97 billion dollars in UPB.

U.S. Senator Chuck Grassley, a Republican from Iowa and Chairman of the Senate Judiciary Committee, has written separate letters to U. S. Attorney General Eric Holder and U.S. Department of Treasury Secretary Jack Lew seeking more transparency from the government regarding the sweeping of GSE profits into Treasury. According to an announcement on Grassley's website, the Senator's letters were based on a report that originally appeared in the New York Times regarding the withholding of documents related to Treasury's agreement and claims of the assertion of executive privilege by the government.

About Author: Jordan Funderburk


Check Also

How AI Will Transform the Mortgage Industry

A panel of experts discussed how the rise and adoption of AI will help tackle some of the biggest challenges faced by the industry at MReport’s “Intelligent Lending: The Rise of AI” webinar. Here’s what they had to say.


Featuring daily updates on foreclosure, REO, and the secondary market, DS News has the timely and relevant content you need to stay at the top of your game. Get each day’s most important default servicing news and market information delivered directly to your inbox, complimentary, when you subscribe.