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Industry News

Freddie Mac Selling Off $759 Million in Non-Performing Loans

February 17, 2017



By Ben Lane - HousingWire

Earlier this week, Fannie Mae announced its first non-performing loan sale of 2017, stating that it plans to sell 10,000 delinquent loans with a total unpaid principal balance of $1.76 billion from its portfolio. Fannie Mae’s fellow government-sponsored enterprise announced a NPL sale of its own on Friday.

Freddie Mac said Friday that it is planning to sell off $759 million non-performing loans in its first NPL sale of 2017. According to Freddie Mac, the NPLs are currently serviced by Nationstar Mortgage or Specialized Loan Servicing. The sale marks Freddie Mac's second multi-servicer NPL transaction.

Freddie Mac said that the NPLs will be sold in five pools, four Standard Pool Offerings and one Extended Timeline Pool Offering, which targets participation by smaller investors, including non-profits and minority and women-owned businesses.

Advisors to Freddie Mac on the transaction are Wells Fargo Securities and First Financial Network.

According to Freddie Mac, bids from qualified bidders are due on March 14, 2017, for the SPO pools and due on March 28, 2017, for the EXPO pool. The sales are expected to settle in May 2017, Freddie Mac said.

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