A small portfolio of non-performing single-family loans that are owned by the Federal National Mortgage Association has been auctioned off.
The loan sale, which was initially marketed beginning on May 10,
includes 123 mortgages that have a collective unpaid principal balance of $32 million.
The Fannie Mae loans are divided into two community impact pools that consist of residential loans with a concentration in New York and New Jersey.
One pool is for $19 million and has a weighted-average note rate of 5.34 percent, weighted-average delinquency of 53 months and a weighted-average loan-to-value ratio of 65.2 percent based on broker price opinions.
The second pool has $13 million in loans. On a weighted-average basis, the note rate is 4.48 percent, delinquency is 30 months and the LTV is 97.3 percent.
Fannie is selling the loans from its investment portfolio, which was previously reported at $279 billion as of April 30.
The winning bidders were
Matawin Ventures XX LLC, an affiliate of Tourmalet Advisors, and Community Development Fund IV LLC.
Washington-based Fannie marketed the offering in
collaboration with Wells Fargo Securities LLC and The Williams Capital Group LP.
The secondary lender expects to close the transaction on Aug. 15.
