Freddie Mac has announced its first sale of nonperforming loans (NPLs) for the year – a portfolio worth about $1.6 billion that was to be sold in seven separate pools.
The seasoned, nonperforming residential whole loans were, as of press time, being serviced by Nationstar Mortgage.
The seven pools include five geographically diversified standard pool offerings (SPO) and two geographically concentrated extended timeline pool offerings (EXPO), which targets participation by smaller investors, including non-profits and minority and women-owned businesses (MWOBs).
Bids are due from qualified bidders on Feb. 23 for the SPO offerings and March 8 for the EXPO offerings. The sales are expected to settle in the second quarter, the government-sponsored enterprise says in a release.