Fannie Mae is auctioning five pools of nonperforming loans (NPLs) and has also begun marketing its first sale of reperforming loans as part of the company’s ongoing effort to reduce the size of its retained mortgage portfolio.
The five pools of NPLs include about 7,300 loans totaling $1.39 billion in unpaid principal balance (UPB). They are being marketed in collaboration with Wells Fargo Securities.
“As we work to reduce the number of seriously delinquent loans in Fannie Mae’s portfolio, we are pleased to continue to offer borrowers additional options to avoid foreclosure and help stabilize neighborhoods,” said Joy Cianci, senior vice president of single-family credit portfolio management for Fannie Mae.
Bids are due on the five pools on Nov. 3.
The pool of reperforming loans includes approximately 3,600 loans totaling $806 million in UPB. This sale is being marketed in collaboration with Citigroup Global Markets Inc.
“We are pleased to offer this first sale of reperforming loans,” said Bob Ives, vice president of retained portfolio asset management for Fannie Mae. “This sale will support our efforts to reduce the size of the company’s balance sheet.”
