Goldman Sachs (MTGLQ Investors LP) is the winning bidder on four pools of nonperforming loans (NPLs) recently auctioned by Fannie Mae – its fifth NPL sale.
The four pools include a total of approximately 7,900 loans totaling $1.48 billion in unpaid principal balance. The deal is expected to close on June 27.
“We continue to strive to help struggling borrowers avoid foreclosure, but many loans remain nonperforming despite our many attempts to pursue loss mitigation alternatives,” says Joy Cianci, senior vice president of credit portfolio management for Fannie Mae, in a release. “With this sale, we continue to reduce our holdings of NPLs, which creates additional opportunities for borrowers to avoid foreclosure and limits the potential impact of these loans on Fannie Mae and taxpayers.”
The four pools were marketed in collaboration with Bank of America Merrill Lynch, First Financial Network Inc. and CastleOak Securities LP.
For more, including details about the loan pools, click here.