A portfolio of deeply delinquent residential loans has been sold through the auction process by the Federal Home Loan Mortgage Corp.
The McLean, Virginia-based firm began marketing the nonperforming mortgages on Feb. 16. Originally there were five pools with $759 million in loans.
On Friday, Freddie Mac disclosed that
it successfully sold four pools with 3,621 loans that have an aggregate unpaid principal balance of $667 million.
The winning bidders were
Pretium Mortgage Credit Partners I Loan Acquisition LP, Upland Mortgage Acquisition Company II LLC and Rushmore Loan Management Services LLC.
Current servicers are Nationstar Mortgage LLC and Specialized Loan Servicing LLC. Servicing will be transferred on the settlement date, which is expected to be in May.
The secondary lender sold the loans from its investment portfolio, which stood at $290 billion as of Jan. 31.
Wells Fargo Securities LLC and First Financial Network Inc. advised Freddie on the sale.
