More than $1 billion in mortgages owned by the Federal Home Loan Mortgage Corp. have been sold from its investment portfolio.
McLean, Virginia-based Freddie Mac reported Wednesday that it auctioned off 6,816 non-performing loans for $1.4 billion.
The deeply delinquent mortgages were sold in two transactions. The first, an extended time-line pool offering, was done on March 10.
In all, there were seven separate mortgage pools being offered, including two EXPO pools consisting of Florida assets.
The non-profit Community Loan Fund of New Jersey Inc. was the successful bidder on the EXPO pools.
The second transaction was a standard pool offering completed on on Feb. 25.
A pair of for-profit businesses were the winning bidders of the SPO pools.
Settlements are expected to take place in April and May.
Once the deals settle, the servicing will be transferred from Nationstar Mortgage LLC.
