The Federal Home Loan Mortgage Corp. continues to clean up its balance sheet with another offer to sell distressed residential loans.
The McLean, Virginia-based company announced Tuesday a standard pool offering transaction of
deeply delinquent non-performing home loans.
Bids from qualified bidders that meet Freddie Mac’s internal reserve levels are due by Oct. 6, and the sale is expected to settle in December.
Eligible bidders include
private investors, minority- and women-owned businesses, non-profit organizations and neighborhood advocacy funds.
The final decision on the winning bid will be based on economics.
Freddie said the non-performing loans, which total $327 million, are being marketed as two geographically diverse pools.
The mortgages are currently part of Freddie’s investment portfolio, which was reported at $373 billion as of July 31.
JPMorgan Chase Bank, N.A., is servicing the loans.
JPMorgan Securities, Bank of America Merrill Lynch and First Financial Network Inc. are acting as advisors in the sale.
Freddie noted that it will be the seventh sale of non-performing loans so far this year.
