November 9, 2017
WASHINGTON, DC – Fannie Mae (FNMA/OTC) today announced the winning bidders for its eleventh non-performing loan sale. The sale includes approximately 7,500 loans totaling $1.23 billion in unpaid principal balance (UPB), divided among four pools. The winning bidder for the transaction is MTGLQ Investors, L.P. (Goldman Sachs). The transaction is expected to close on December 21, 2017.
In collaboration with Bank of America Merrill Lynch and First Financial Network, Inc., Fannie Mae began marketing these loans to potential bidders on October 11, 2017.
On April 14, 2016, the Federal Housing Finance Agency announced additional enhancements to its requirements for sales of non-performing loans by Fannie Mae and Freddie Mac that build on the requirements originally announced in March 2015. The additional requirements, which apply to this Fannie Mae non-performing loan sale, encourage sustainable modifications that have the potential to provide more borrowers the opportunity for home retention by requiring evaluation of underwater borrowers for modifications that may include principal and/or arrearage forgiveness; forbidding “walking away” from vacant homes; and establishing more specific proprietary loan modification standards.
Potential buyers can register for ongoing announcements or training, and find more information on Fannie Mae’s sales of non-performing loans and on the Federal Housing Finance Agency’s guidelines for these sales, at http://www.fanniemae.com/portal/funding-the-market/npl/index.html.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/FannieMae.
Alicia Jones, 202-752-5716