A big pool of distressed home loans is being offered for sale by the Federal National Mortgage Association.
The Washington-based company on April 2 disclosed plans to offer non-performing single-family mortgages
for sale.
Fannie Mae said it was selling the loans to reduce the number of seriously delinquent
mortgages on its balance sheet.
Borrowers on the loans are expected to have additional foreclosure prevention options through the sales.
A news release Wednesday indicated that a pool of 3,200 non-performing loans for $786 million is being marketed.
It’s
the first bulk sale on non-performing loans for the secondary lender. The transaction is being marketed in collaboration with Bank of America Merrill Lynch, Credit Suisse and The Williams Capital Group.
“We plan to build these sales into a programmatic offering, and look forward to working with a diverse range of potential buyers over time, including smaller investors, nonprofit organizations and minority- and women-owned businesses,” Fannie Mae Senior Vice President for Credit Portfolio Management Joy Cianci
said in the announcement.
