Freddie Mac has sold $1.4 billion in deeply delinquent, nonperforming loans.
The Nationstar Mortgage-serviced loans were offered as seven separate
pools of mortgage loans. Community Loan Fund, a New Brunswick,
N.J.-based nonprofit financial institution, won the bid for two Extended Timeline Pool Offerings.
The two pools consisted of Florida mortgage loans with a total unpaid
principal balance of $64.6 million, the agency announced in a press release Wednesday.
Two unnamed for-profit entities were the winning bidders for five
Standard Pool Offerings, with a total unpaid principal balance of $1.2
billion.
The loans have been delinquent for an average of four years. The sale
consisted of two transactions, an Extended Timeline Pool Offering on
March 10 and a Standard Pool Offering on Feb. 25, after Freddie Mac
began marketing the transaction to potential bidders on Jan. 21.
The transactions are projected to settle in April and May 2016.
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