Home / Media / DS News Webcast: Monday 10/12/2015
Print This Post Print This Post

DS News Webcast: Monday 10/12/2015

Fannie Mae has announced its third sale of non-performing single-family mortgage loans, this time in three pools totaling about 1 point 2 billion dollars in unpaid principal balance. The three pools are comprised of approximately 7 thousand loans combined. The non-performing loans are deeply delinquent, meaning many of the loans are likely either in some stage of loss mitigation or foreclosure. Loan owners are required by the FHFA, Fannie Mae's conservator, to market the property exclusively to owner-occupants and non-profits before offering it to investors when foreclosure cannot be prevented.

This is Fannie Mae's largest-ever NPL sale In May, Fannie Mae closed its first-ever bulk NPL sale, which included approximately 3 thousand deeply delinquent residential single-family mortgage loans totaling about 762 million dollars in UPB. Fannie Mae's second bulk NPL sale, which wrapped in mid-August, consisted of approximately 3,900 NPLs, selling for 765 million dollars. In early September, Fannie Mae sold a smaller Community Impact Pool of about 75 non-performing loans with 11 million dollars in UPB.

 

Former Federal Reserve Chairman Ben Bernanke said the government should have focused its investigations on individuals for their role in the 2008 financial crisis instead of companies. Bernanke, head of the central bank from 2006 to 2014, told the BBC quote, I think it would have been better for the Department of Justice to focus more on individual decision making, rather than penalizing firms as a whole. Close quote. The Department of Justice issued a memo last month to all U.S. attorneys general stating it would seek to prosecute individuals with regards to the crisis of seven years ago.

About Author: Jordan Funderburk

x

Check Also

HUD Building

Todman Sworn in as HUD Deputy Secretary

Former NAHRO CEO officially named HUD’s 12th Deputy Secretary to work in concert with Secretary Marcia Fudge to provide guidance over programs critical to supporting equitable housing for all.

Your Daily Dose of DS News

Get the news you need, when you need it. Subscribe to the Daily Dose of DS News to receive each day’s most important default servicing news and market information, absolutely free of charge.