More than $6 billion in government-sponsored enterprise mortgages that were previously non-performing have been sold through the auction process.
The sale involved four pools containing a total of 26,900 single-family loans that have a collective unpaid principal balance of $6.14 billion.
While the loans were previously delinquent, they have since become current. Some of the loans were brought current through loan modifications.
The Federal National Mortgage Association, the seller in the transaction, announced Tuesday that Credit Suisse-subsidiary DLJ Mortgage Capital Inc. submitted the winning bid.
Originally revealed last month, the offering was marketed in collaboration with Citigroup Global Markets Inc.
Sept. 21 is the expected closing date of the transaction.