A $3 billion portfolio of government-sponsored enterprise single-family loans that are reperforming has been successfully sold through an auction.
A winning bidder has been announced for three pools of reperforming Fannie Mae mortgages. Marketing of the loans began in May.
The transaction involves the sale of 13,500 residential loans that have an aggregate unpaid principal balance of $2.99 billion.
Washington-based Fannie said Tuesday that the DLJ Mortgage Capital Inc., a unit of Credit Suisse, was the winning bidder on all three pools.
Weighted-average loan-to-value ratios on the pools ranged from 93.2 percent to 112.7 percent, while the weighted-average note rates fell between 3.86 percent and 4.45 percent.
Fannie is selling loans from its investment portfolio, which ended April at $279 billion.
Citigroup Global Markets Inc. served as advisor in the marketing of the pools
The transaction is expected to close on July 21.
