A pair of mortgage portfolios being sold by the Federal National Mortgage Association include nearly $8 billion in non- and re-performing loans.
A winning bidder was announced Tuesday for the first portfolio, which includes around 9,800 non-performing loans with an aggregate unpaid principal balance of $1.64 billion.
Fannie Mae first announced the offering last month. The original offering was for 11,000 residential loans for $1.84 billion. The loans were broken out into five pools.
The Washington-based firm said that the winning bidder was Goldman Sachs-affiliate MTGLQ Investors LP, which acquired four of the pools.
The transaction, which was marketed in collaboration with Bank of America Merrill Lynch and The Williams Capital Group as advisors, is expected to close on July 20.
The loans are being sold from Fannie’s mortgage investment portfolio, which was last reported at $222 billion as of April 30.
On Wednesday, Fannie announced that it is taking bids on approximately 27,000 re-performing loans with a collective unpaid principal balance of $6.17 billion.
The previously delinquent loans have been brought current with and without loan modifications.
“The terms of Fannie Mae’s reperforming loan sale require the buyer to offer loss mitigation options designed to be sustainable to any borrower who may re-default within five years following the closing of the reperforming loan sale,” the statement said. “In addition, buyers must report on loss mitigation outcomes. Any reporting requirements cease once a loan has been current for twelve consecutive months after the closing of the reperforming loan sale.”
Bids on the $6.17 billion portfolio, which is being marketed in collaboration with Citigroup Global Markets Inc., are due by July 10.
