More than $1.5 billion in non-performing loans held by the Federal National Mortgage Association are up for bid.
In all, unpaid principal balance on the five pools of Fannie Mae distressed mortgages comes to $1.547 billion.
The bulk of the offering is four pools that include 8,200 loans for $1.527 billion, a news release stated.
Bids for these pools are due on May 5.
Another pool of 80 loans for $0.020 billion that are secured by properties focused in Miami is a Community Impact Pool transaction.
The bids on this pool are due May 19.
“The non-performing loans that are included in today’s sale announcement have been previously solicited for loss mitigation opportunities by Fannie Mae servicers, but they unfortunately remain seriously delinquent,” Fannie Mae Senior Vice President for Single Family Credit Portfolio Management Joy Cianci said in the statement. “We believe other investors will offer additional opportunities for these borrowers to avoid foreclosure.”
Cianci added that
selling severely delinquent loans can benefit communities and reduce taxpayer risk.
