Fannie Mae announced its intention to auction three pools of residential single-family non-performing loans, the GSE's second-ever bulk NPL sale. This sale includes two larger pools and a Community Impact Pool, which is a smaller geographically-focused, high occupancy pool. Fannie Mae is marketing the Community Impact Pool to encourage bidding by nonprofits and minority- and women-owned businesses. The loans being offered for sale are deeply delinquent, sometimes by two years or more, meaning many of them are likely either in some stage of foreclosure or loss mitigation.
Approximately 3,900 loans are contained in the two larger pools with an aggregate unpaid principal balance of about $777 million, while the Community Impact Pool contains approximately 75 loans totaling about $11 million in UPB focused in the Tampa, Florida, area. Fannie Mae held its first-ever bulk NPL sale in May. That transaction included approximately 3,000 deeply delinquent residential single-family mortgage loans totaling about $762 million in UPB.
Steven L. Antonakes, the Consumer Financial Protection Bureau's second-in-command official, announced Thursday in a memo to employees that he is stepping down from his position with the CFPB. Antonakes, who currently serves as Deputy Director at the Bureau to Director Richard Cordray, announced that he is leaving the CFPB to return to Massachusetts, where his family resides. Before being appointed as the CFPB's Deputy Director, Antonakes served as the Bureau's Assistant Director of Large Bank Supervision.