Towd Point Master Funding is the winning bidder on two pools of reperforming loans recently auctioned by Fannie Mae.
The two pools include 3,500 loans totaling $789.2 million in unpaid principal balance (UPB).
The transaction is expected to close on Dec. 15.
Fannie Mae auctioned the loans in collaboration with Citigroup Global Markets Inc.
“We are pleased to see a high level of investor interest in our reperforming loans,” says Bob Ives, vice president of retained portfolio asset management for Fannie Mae, in a release. “This sale supports our efforts to reduce the size of the company’s balance sheet.”
The cover bid price for the two pools is 88.15% of UPB (84.92% of broker price opinion).
After announcing in April that it would be packaging the loans, the government-sponsored enterprise announced its pilot sale of reperforming loans in October. It would appear that these reperforming loans are being snapped up pretty fast.