Fannie Mae Announces Sale of Non-Performing Loans
WASHINGTON, Feb. 14, 2017 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) today announced its latest sale of non-performing loans, including the company's sixth Community Impact Pool. The Community Impact Pool is a smaller pool of loans that is geographically-focused, high occupancy, and marketed to encourage participation by non-profit organizations, minority- and women-owned businesses (MWOBs), and smaller investors.
The four larger pools of approximately 10,000 loans totaling $1.76 billion in unpaid principal balance (UPB) are available for purchase by qualified bidders. This sale of non-performing loans is being marketed in collaboration with Bank of America Merrill Lynch and The Williams Capital Group, L.P., as advisors.
"We are offering these non-performing loans and this community impact pool to diverse investors in an attempt to expand the opportunities available to borrowers who are significantly delinquent on their mortgages to avoid foreclosure," said Joy Cianci, Fannie Mae's Senior Vice President for Single-Family, Special and Distressed Assets.
Bids are due on the four larger pools on March 7th and on the Community Impact Pool on March 21st.
Among other elements, terms of Fannie Mae's non-performing loan transactions require the buyer of the non-performing loans to pursue loss mitigation options that are sustainable for borrowers. In the event a foreclosure cannot be prevented, the owner of the loan must market the property to owner-occupants and non-profits exclusively before offering it to investors, similar to Fannie Mae's FirstLook® program.
Interested bidders are invited to register for future announcements, training and other information at http://www.fanniemae.com/portal/funding-the-market/npl/index.html. Fannie Mae will also post information about specific pools available for purchase on that page.
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.
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